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In a summer survey, many expressed concerns of a second downturn.
There is at least one factor, though, that could make a second downturn feel milder than the first: corporate profits.
Yet the economy is weaker than the Fed expected, and the real estate market, which makes up the bulk of banks' exposure, is having a second downturn.
So is business opinion, with manufacturers alarmed at the potential impact of sweeping cuts on demand, and the risk of economic stagnation or a second downturn.
It has to be hoped this doesn't happen because the human cost of a second downturn will be higher than it was in 2008-09.
Many economists argue that the result was a second downturn just before the outbreak of World War II, but others say the conditions today differ in so many ways that the comparison is misleading.
Similar(47)
Birth cohort patterns showed a first downturn for generations born in the 1900s and 1910s for all haematological cancers, and a second trend reversal for more recent cohorts born in the 1950s and 1960s for non-Hodgkin's lymphoma and leukaemia.
Birth cohort patterns were similar for both sexes and exhibited a first downturn in mortality trends for generations born in the first two decades of the 1900s, which was more marked for multiple myeloma (APC decrease of -6.1% in both sexes) than for the other haematological cancers (APC decreases of -4.3% to -2.3% in men and -5.1% to -3.5% in women).
But with Spain expected to post economic data for the third quarter showing that it has finally emerged from a two-year recession — its second downturn since 2008 — Catalan businesspeople say they worry less about what Mr. Mas thinks Madrid owes his region and more about whether political instability could hamper Spain's prospects of returning to precrisis growth levels.
The second world war aside, the United States has never experienced such sustained, rapid growth.However, that growth was halted by a second severe downturn in 1937-38, when unemployment surged again to 19% (see chart).
By John Cassidy June 10 , 2011With all the talk of a possible double-dip recession in the U.S. economy — here's my own little contribution — it's surprising (and somewhat scandalous) that more attention isn't being paid to what is happening in Britain, where a second economic downturn began last fall and shows few signs of relenting.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com