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By Jim Mackinnon
Beacon Journal business writer
POSTED: 12:52 p.m. EST, Nov 12, 2009
A national and global economic recovery appears to be well under way, two of Northeast Ohio's top economists said this morning.
But ''recovery'' does not necessarily mean ''recovered,'' said Ken Mayland, head of ClearView Economics in Pepper Pike.
Mayland and Jack Kleinhenz of Kleinhenz & Associates in Cleveland were the keynote speakers at the Greater Akron Chamber's 2010 Economic Outlook at the Hilton Akron/Fairlawn. More than 220 people attended the annual breakfast program.
Both economists presented largely upbeat forecasts for the coming year.
''Certainly there is improvement,'' Kleinhenz said. ''The worst is behind us and the recovery has begun.''
The Akron and Cleveland areas are likely seeing the end of the recession, he said. But Kleinhenz said the economic recovery will be gradual.
Unemployment likely will remain high through 2010, the two economists said. Kleinhenz said he expects the unemployment rate will peak next spring.
Mayland said unemployment is at its highest when a recession is ending.
''Don't fall into the unemployment trap,'' he said. ''Almost every day I hear somebody say the economy can't recover if the unemployment rate is high.''
But unemployment rates are always lower at the start of a recession than at the end, he said.
''If it's higher at the end of a recession, how does a recession end?'' Mayland asked.
The people who are still employed change their behavior and start spending again, which feeds the recovery, he said. ''That gets the juices flowing in the economy. Spending comes first, leading to jobs and income.''
At last year's economic outlook breakfast, the forecast was bleak, Mayland said.
''Today, we can at least talk about recovery,'' Mayland said.
Mayland said he is expecting more of a stronger ''snapback'' recovery instead of a gradual one.
''I'm a little more optimistic,'' he said.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
A national and global economic recovery appears to be well under way, two of Northeast Ohio's top economists said this morning.
But ''recovery'' does not necessarily mean ''recovered,'' said Ken Mayland, head of ClearView Economics in Pepper Pike.
Mayland and Jack Kleinhenz of Kleinhenz & Associates in Cleveland were the keynote speakers at the Greater Akron Chamber's 2010 Economic Outlook at the Hilton Akron/Fairlawn. More than 220 people attended the annual breakfast program.
Both economists presented largely upbeat forecasts for the coming year.
''Certainly there is improvement,'' Kleinhenz said. ''The worst is behind us and the recovery has begun.''
The Akron and Cleveland areas are likely seeing the end of the recession, he said. But Kleinhenz said the economic recovery will be gradual.
Unemployment likely will remain high through 2010, the two economists said. Kleinhenz said he expects the unemployment rate will peak next spring.
Mayland said unemployment is at its highest when a recession is ending.
''Don't fall into the unemployment trap,'' he said. ''Almost every day I hear somebody say the economy can't recover if the unemployment rate is high.''
But unemployment rates are always lower at the start of a recession than at the end, he said.
''If it's higher at the end of a recession, how does a recession end?'' Mayland asked.
The people who are still employed change their behavior and start spending again, which feeds the recovery, he said. ''That gets the juices flowing in the economy. Spending comes first, leading to jobs and income.''
At last year's economic outlook breakfast, the forecast was bleak, Mayland said.
''Today, we can at least talk about recovery,'' Mayland said.
Mayland said he is expecting more of a stronger ''snapback'' recovery instead of a gradual one.
''I'm a little more optimistic,'' he said.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
Comments
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Akron, OH
Posted 12:58 PM, 11/12/2009
==============
A national and global economic recovery appears to be well under way, two of Northeast Ohio's top economists said this morning.
Mayland and Jack Kleinhenz of Kleinhenz & Associates in Cleveland were the keynote speakers at the Greater Akron Chamber's 2010 Economic Outlook at the Hilton Akron/Fairlawn. More than 220 people attended the annual breakfast program.
==============
What flavor of Kool-aid did they serve at this event?
Akron, OH
Posted 01:10 PM, 11/12/2009
The economy for Mayland and Kleinhenz must be getting better.
They managed to get 220 people to attend this year's "Economic Outlook" gathering compared to 180 last year.
http://www.greaterakronchamber.org/cms/resource_library/files/b65059c6210b78eb/chamb_039_annual_report_3_25.pdf
Posted 01:10 PM, 11/12/2009
Let me guess, you didn't hear about it on Fox News so you don't beleive it.
I'm sure this is just another example of left-winged economists making this stuff up. Just like the scientists with Global Warming... it's all a conspiracy!
Akron, OH
Posted 01:13 PM, 11/12/2009
@ras13ras...
Are you really going to measure ANYONE's accuracy against the rants of the "Global Warming" nuts?
Akron, OH
Posted 01:49 PM, 11/12/2009
@ras13ras...
From today's London Telegraph
Carbon dioxide in the atmosphere is a natural phenomenon caused by volcanoes and is not responsible for climate change, a scientist has claimed.
Professor Ian Plimer, a geologist from Adelaide University, argues that a recent rise in temperature around the world is caused by solar cycles and other "extra terrestrial" forces.
He said carbon dioxide in the atmosphere, widely blamed for global warming, is a natural phenomenon caused by volcanoes erupting.
http://www.telegraph.co.uk/earth/earthnews/6553592/Climate-change-sceptic-Ian-Plimer-argues-CO2-is-not-causing-global-warming.html
Rittman, Oh
Posted 02:19 PM, 11/12/2009
Id like to see just one single economic indicator where a number has improved upon which this fantasy of a recovery is based, other than "unemployemnt is always highest before a recovery." Last I could see, unemployment is still climbing, and has not bottomed out.
Cuyahoga Falls, OH
Posted 02:29 PM, 11/12/2009
Cool. Now we can forget it all happened and go right back to writing predatory loans and all the rest. And with the inflation that's sure to follow on the heels of all this unmitigated bailout, they can really pump the numbers up.
I'm surprised we haven't heard the age-old buzzword, "jobless recovery." Just so there's no discussion about it later, a jobless recovery is NOT a recovery.
Anti-Politically Correct & Anti-GOP, OH
Posted 02:32 PM, 11/12/2009
B.S.
Akron, OH
Posted 02:58 PM, 11/12/2009
Mayland is one of the best forecasters around. His word means a lot. I'm buying what he's selling. Well, figuratively, I'm not attending his conference.
Orrville, Oh
Posted 06:07 PM, 11/13/2009
Economic recovery is here: Demands; every corporation, farmer, business, outsourcer sweatshop, and nonprofit, tax-exempt, organization and Church; markets the cost; in the wholesale and retail price of his or her product and service; Of Fathers disqualified for affirmative action with white skin, Union workers, consumers, taxpayers, and Americas grandchildren’s children; fund all stimulus packages, property tax abatement, tax incentives, tax credit, tax refunds, tax exemptions. And pay for the more stock dividends (money). Hillarys, Chinese, Foreign and Domestic Investors and Stockholders (money marketers) market quarterly; in the wholesale and retail price; of EVERY product and service Human Beings use for life. And Government needs to build, maintain, and operate schools; infrastructure; and provide government services; and national security. That gets only product or service. This is needed to measure and maintain the strength and growth of this UNAFFORDABLE economy; and distribute wealth into Hillarys, Chinese, Foreign and Domestic Investors and Stockholders portfolios.
And fund unemployed workers, casino, lottery, and keno losers, aliens, waitresses that pander for life for $2.00 per hour; insubordinate, low-income; volunteers without wages; nonunion parasites willing to work for fewer wages than they can afford life; and righteous; with a faith-based belief; that it’s a sin; to engage in free, fair, and affordable commerce; or get an agreement (union contract); With a corporation, business, Government, or nonprofit, tax-exempt, organization, or Church; Agreeing to comply with realities demands; Paying with welfare checks, food stamps, housing vouchers, and Medicaid. With money derived from wages or independent business profit!
Posted 12:54 AM, 11/14/2009
okay so where are all the jobs??? If we say everthing is better then it will be better. I see how this works now. I also say B.S.
