October 30, 2008
COLUMBIA, S.C. (AP) -- Economists have told the state's Board of Economic Advisors that the state may slog through a recession through mid-2009.
The board held its annual meeting with university economists and private sector forecasters Wednesday.
The good news from some was gas prices could free up consumer spending. But the bad news was some of that money would go right back into higher electric power rates next year.
Wednesday's meeting is used by the Board of Economic Advisors to create its budget revenue forecast for the fiscal year that begins in July. Board chairman John Rainey said he expects the recession to be over by June. But he won't say for now if he expects to cut projections that will prompt more budget cuts.
(Copyright 2008 by The Associated Press. All Rights Reserved.)