Monday, June 29, 2009

New Quarterly Business Report out 

The news story on our new Quarterly Business Report is out. Not a pretty picture: Because the St. Cloud economy went into recession much later than the national economy, and because there's not yet anything to indicate a bottom in the national economy, we think the St. Cloud economy stays in recession until at least winter. I'm only a bit more optimistic than my co-author Rich MacDonald on this forecast, but for me to be right we need to see some real signs of turnaround soon. Anecdotal stories aren't encouraging based on what I've heard around town the last week. Any place someone can pinch spending, they are still doing. Whatever stories you hear about consumer confidence, they aren't evident to business owners in spending patterns yet.

Note to media: If you want an interview on this one, send me an email rather than trying to call my phones. I'll have trouble with those up in Canada. I'm going to try out Skype for the first time.

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