“The housing-driven economic slump that made Florida legislators cut $1.1 billion from the state budget last month isn’t getting worse, but it will last “a lot longer” than expected, state economists said Friday.
No hard dollar amounts came out of the two-hour round table by top fiscal forecasters from the Legislature and governor’s office.
But planners made some downward revisions of their July forecasts amid gloomy forecasts that consumer spending, wages, auto sales, tourism, fuel costs and other leading economic indicators will languish longer in the trough dug by the slowed housing and construction markets.
Amy Baker, coordinator of the Economic and Demographic Research Office, said at least a few factors were forecast in July to begin recovery next year. But she and Frank Williams, an economist in her office, said it will be late 2009 before the economy really revives. . .” (more)