Is Arizona in a Housing-Led Recession? Likely so, according to Michael Vest, director of the University of Arizona Economic and Business Research Center.
Arizona is likely in a recession, a top University of Arizona economist said Friday.
Marshall J. Vest, director of the UA Economic and Business Research Center, said at an economic forecasting luncheon that three major shocks to the economy - the housing free fall, credit market turmoil and oil approaching $100 a barrel - mean it will remain weak at least through 2008.
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Arizona, Michigan, California, Florida and Nevada either are in recession or are on the brink of recession, Vest said.
This stands in stark contract to the opinion of a certain ASU economist (Video from August):
