More than two thirds of economic forecasters polled in a new survey believe the United States has entered, or will enter, a recession this year.
University of Illinois at Chicago economist John McDonald has studied the Chicago area for decades. He says most local industries, whether construction or banking, health care or hospitality, will recover.
McDONALD: Those are sectors that are cyclical and will come back. What is truly damaging for the Chicago metropolitan area, based on what has been the case in previous recessions, we lose our manufacturing base, and it does not come back.
Illinois’s unemployment rate climbed to 7.3 percent in August, more than a full point higher than the national figure.
Dispatches from Chicago's south side.
Tuesday, October 7, 2008
Economic Slump Could Hit Chicago Hard
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