Martin Feldstein, who heads the group that is considered the arbiter of U.S. recessions, told CNBC that he believes the U.S. has been sliding into a recession since December or January.
“I think the professional forecasters have been a little slow to come to the recognition that we’re in a recession,” Feldstein said in a live interview.
Feldstein, president of the National Bureau of Economic Research, said the downturn could go on longer and deeper than the two most recent recessions.
Feldstein said he expects a bounce in the second half of the year as rebates roll out. But, he cautioned not to count on consumer confidence.
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> U.S. Sliding into Recession: Head of Economic Bureau
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