Friday, October 15, 2010
Fifth Third Bank's Chief Investment Strategist John Augustine: Economy Won't Be Normal Until 2017
CINCINNATI (TDB) -- The Cincinnati bank's expert spoke in Indianapolis this morning. He thinks the U.S. is in for a long slog, and apparently it makes no matter who wins the mid-term elections next month. Really, if John Augustine is correct and the economy stays out of whack for seven more years, that begs a question: Then what is normal? The Great Recession started in late 2007 and officially ended in July 2009. He sees the effects lingering for nearly a decade, and added that most Americans don't believe the recession has ended. Augustine's comments were reported by the Indianapolis Business Journal, which noted that Augustine said business closings still outpace openings. The Fifth third strategist said the odds don't favor a double-dip recession. But there is a 33% chance the economy could fall back into recession by March 2011.