As housing prices continue to tumble in most regions, forecasters from Chapman University said Tuesday that the U.S. economy had fallen into a recession that wouldn’t ease until next year. Even worse, California’s recovery may not start for two years. “At a local level, we are in a recession,” said Esmael Adibi, director of the A. Gary Anderson Center for Economic Research at Chapman University in Orange. “For the state economy there is no clear label of a state recession. But we can look at job growth rates, and when they stay negative for two quarters, that’s a recession.” For the full story visit http://www.latimes.com/business/la-fi-econ25-2008jun25,0,3643384.story
