Arizona in recession (Tucson: buying, schools, university)

[Baja Boomer]

Read it and weep:

BREAKING NEWS: UA economist says Arizona likely in recession
By Christie Smythe
Arizona Daily Star
Tucson, Arizona | Published: 12.07.2007

The housing slowdown has likely pushed the state into a recession, University of Arizona economist Marshall Vest said in a news conference today.

Vest, director of the Economic and Business Research Center at the Eller College of Management, told reporters this morning that "ominous" trends are indicating that a recession may last at least through 2008 and the economy may not fully recover until 2010.

I won't post the entire content because it's copyrighted material, but it's very sobering reading. Also named as in or on the brink of recession are California, Michigan, Florida and Nevada. It shouldn't be a surprise, really, to anyone who's been shopping for groceries lately, buying gas or stuck in an upside down mortgage...

Here's the URL to the story: http://www.azstarnet.com/sn/hourlyupdate/215236.php (broken link)

[Boatdrinks]

They're talking possible recession nationwide, not just AZ.

Not that they're any fun, but we've had them before and we'll have them again. It's not like it's the end of the world....knock wood

[Steve-o]

Originally Posted by Boatdrinks

They're talking possible recession nationwide, not just AZ.

Not that they're any fun, but we've had them before and we'll have them again. It's not like it's the end of the world....knock wood

Id agree. The whole nation isnt doing that great right now, not just AZ. No need to get freaked out.

[sierraAZ]

Originally Posted by Steve-o

Id agree. The whole nation isnt doing that great right now, not just AZ. No need to get freaked out.

There IS need to freak out, but let's not get into it on a Fri afternoon.

I thought Michigan was in recession for years. Can't imagine the price of groceries being much different in the rest of the states. Some have even higher gas prices. Seems like in the past recessions used to affect fewer people, though. As the old joke goes it's a recession when your neighbor loses his job; it's a depression when you lose yours. I didn't really notice the last one. Now the grasp is tightening and it looks like the majority of people will have to brace themselves...

[ibarrio]

They're talking possible recession nationwide

Exactly...and they come and go. Natural order of things. Educate yourself, get a degree, find a secure job and save what you can...even a $100 per month will build up in time.

If a democrat steps in office and cuts defense spending we are going to see a much larger recession as good job paying jobs will be cut. When the US stops ordering planes...factories shut down..and people lose jobs.

[Ponderosa]

Originally Posted by ibarrio

Exactly...and they come and go. Natural order of things. Educate yourself, get a degree, find a secure job and save what you can...even a $100 per month will build up in time.

If a democrat steps in office and cuts defense spending we are going to see a much larger recession as good job paying jobs will be cut. When the US stops ordering planes...factories shut down..and people lose jobs.

There are so many, many things this country needs and can build besides bombs and bombers. Let's start with bridges and schools.

[ArizonaBear]

Knock on wood here: in the field I am in (automotive repair); if anything, a recession tends to help us------more people holding onto their 10-20 YO jalopies vs. buying new cars/trucks.

[Stumblina]

Originally Posted by sierraAZ

There IS need to freak out, but let's not get into it on a Fri afternoon.

I thought Michigan was in recession for years. Can't imagine the price of groceries being much different in the rest of the states. Some have even higher gas prices. Seems like in the past recessions used to affect fewer people, though. As the old joke goes it's a recession when your neighbor loses his job; it's a depression when you lose yours. I didn't really notice the last one. Now the grasp is tightening and it looks like the majority of people will have to brace themselves...

I live in Michigan. We're not yet in a recession, but things are definitely bad. It's not just the auto industry that has put our state in a downward spiral. Our governor, Jenny, has had a big hand in that and she needs to be impeached.

[Captain Bill]

We've gone through recessions before, and with the combination of factors it is entirely possible that we could see one again. But I like to think positive and watch for actions that may help to keep us out of one, nationwide.

I'm hearing reports that the holiday spending is lighter than usual, so the stores may not have a banner year.

Bill

[Boatdrinks]

Originally Posted by Captain Bill

We've gone through recessions before, and with the combination of factors it is entirely possible that we could see one again. But I like to think positive and watch for actions that may help to keep us out of one, nationwide.

I'm hearing reports that the holiday spending is lighter than usual, so the stores may not have a banner year.

Bill

I read last week that spending was up 7% from last year. Has that changed?