An economy besieged on a number of fronts in 2008 staggers into 2009 with rising unemployment, falling house prices, and strained financial markets. A recessionary environment poses formidable challenges for U.S. consumers in the coming year.
The long global economic expansion hit the wall in 2008 as financial markets worldwide slumped and many advanced and developing economies experienced slower growth or recession. Few expect a recovery to be swift, and 2009 could see slow growth persist.
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