A Wells Fargo report says Alabama is one of 12 states that have seen its economy likely slip into a recession, but two economic experts in the state have a different outlook.
The report released this week by the San Francisco-based bank said Alabama experienced an economic contraction in July. Written by the bank's senior economist Mark Vitner and economist Michael A Brown, the report said more states are "likely to fall into negative territory within the next six months" because of a persistent decline in manufacturing jobs.
Sam Addy, director of the Center for Business and Economic Research at the University of Alabama, said Friday the state could be headed into recessionary territory if it has a couple more bad months.
"But we are not there yet," Addy said.
Keivan Deravi, an economist at Auburn University Montgomery, said the national economy is dragging down a lot of states' economies, including Alabama's, "but we are not in worse shape than most other states."
Like Addy, he said, "one has to be extremely careful to place too much credence in statistics such as the one provided by Wells Fargo."
http://www.chron.com/news/article/Wells-Fargo-report-Alabama-likely-in-recession-2142756.php
