Economic Group: US Slipping into Recession

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A highly respected economic research group says the U.S. is slipping into another recession and there's nothing policy makers can do to head it off.

The Economic Cycle Research Institute has correctly predicted the last three recessions.

Researches said weakness in leading economic indicators for the U.S. is spreading widely.

The Institute predicts the upcoming recession "means that the jobless rate, already above nine percent, will go much higher and the federal budget deficit, already above a trillion dollars, will soar."

"The vicious cycle is starting where lower sales, lower production, lower employment, and lower income leads back to lower sales," ECRI co-founder Lakshman Achuthan said in a video posted on the group's website.

Achuthan also refuted the idea the economy never got out of recession in the first place.

"Just because it looks and feels a certain way doesn't mean it's a recession," he said. "You haven't seen anything yet. It's going to get a lot worse."

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