The United States is in a recession but the downturn is expected to be mild because consumer spending is not expected to fall precipitously, Standard & Poor's said Thursday.
The recession will not put as much downward pressure on commodity prices as in a typical recession, S&P chief economist David Wyss told an oil and natural gas round-table meeting with the media.
"We are in a recession, but I think it will be a mild recession," Wyss said, adding "unless this turns into a consumer strike it should only be a mild downturn."
Wyss said the recession has been driven primarily by a downturn in the housing market, and that there were some signs the worst may be over for the flagging U.S. homes sector.