Economic Forecasters Gather In Frankfort

by Rick Howlett on May 18, 2009

From Kentucky Public Radio’s Tony McVeigh

This will go down as one of the worst recessions on record in Kentucky and the U-S, but there may be signs for cautious optimism. That’s the gist of analysis presented to some economic experts in Frankfort who advise Governor Beshear and legislative leaders.

But after reviewing the latest economic indicators, Larry Lynch, who chairs the Consensus Forecasting Group, says it’s hard to be an optimist.

“I would say if anything, I’m probably leaning more toward the pessimistic side. But again, I haven’t really reviewed everything in great depth yet. But things really don’t look good. You’d love to think it’s going to turn around. You know, the market being up a little and all that makes you feel good, but maybe it’s just a false signal, you know,” Lynch said Monday.

Now that the forecasters have an understanding of where the economy may be heading, the panel will meet again on May 29th to offer some new state revenue projections. Governor Beshear will use the figures to determine the need for a special session on the budget.

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