More news today on the struggling economy. Retailers across the nation are reporting a 2.8% decrease in the amount of sales for the month of October.
Here in Kentucky however the news is slightly better, a report of a 2.4% increase. Economic experts warn people not to get there hopes up in regard to that number.
Dr. Lawrence Lynch is part of a Government Consensus Forecasting Group, the group predicts economic future and state agencies design budgets around those predictions.
Dr. Lynch says typically Kentucky lags behind the rest of the nation in terms of being impacted by a recession, but then also lags behind when it comes to recovering from the recession.
One factor the group considers when making predictions is consumer confidence, Lynch says confidence right now is at a historic low.
The group of about seven economists came to a consensus on what was described to be a pessimistic outlook for the next year, which could mean cutbacks for state agencies and a frugal holiday season for the rest of The Commonwealth.