After suffering through the worst housing slump in decades and losses of jobs and manufacturers because of declining auto sales, economic experts at the University of Michigan predict things will turn around in early 2008. Sales of existing homes will continual to fall slightly, but housing starts will be up.
According to excerpts from the story:
University of Michigan economists are calling for weak growth through the end of the year, but a rebound in housing and car markets during 2008.
The annual summer forecast of the US economy says the downturn in residential construction should hit bottom in early 2008, then consumer spending should improve as vehicle sales "make a gradual recovery," according to Saul Hymans, Joan Crary and Janet Wolfe.
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