WKYT | Lexington, Kentucky | News

Economic survey: Job losses to bottom out in 1Q

UNDATED (AP) - A new survey suggests the economic doom and gloom of 2009 could give way to a brighter future in 2010.

The November outlook by the National Association for Business Economics shows economists expect net employment losses to bottom out in the first quarter of next year. Employers are expected to start adding to their payrolls after that. It's welcome news for an economy weighed down by a 10.2 percent jobless rate.

NABE's president Lynn Reaser says "While the recovery has been jobless so far, that should soon change." Reaser predicts in the next few months, "companies should be adding instead of cutting jobs."

But, 61 percent of those surveyed don't expect complete recovery of jobs lost to this recession until 2012.

Forecasters also predict GDP growth will "be enough to recover losses from the recession and return output to an all-time high by the end of 2010."

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