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National Economic Slowdown May Hurt Local Recovery


Aired 6/23/11

A San Diego State University Finance professor says the federal reserve is acknowledging what many economists have been saying for some time, that there's a lot of uncertainty about a slower than expected economic recovery.

— The Federal Reserve Board says the economy is recovering from the great recession, but that is not happening as quickly as initially expected. A San Diego State University professor said the national economy is running into problems and that could affect San Diego's path to economic recovery. Unemployment is down a bit and gas prices are down from a high price six weeks ago. But, the local recovery remains fragile.

National Economic Slowdown May Hurt Local Recovery
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"For example housing, which is important for construction is generally still incredibly weak," said Dan Seiver, finance professor at San Diego State University. "And we still have a big overhang of foreclosures. And we still have a lot of unemployment. And we don't have a state budget either. That doesn't help in terms of uncertainty."

Federal officials say they'll keep interest rates low for an extended period in an effort to stimulate economic growth.

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