Wachovia economists: Florida is officially in a recession

Published: Friday, August 1, 2008 at 10:28 a.m.
Last Modified: Friday, August 1, 2008 at 10:28 a.m.

MIAMI It's here.

Economists from the Wachovia Economics Group say that Florida is officially in a recession.

In a report released Thursday, Wachovia analysts said Florida's economy declined at its sharpest rate in 16 years during 2008's second quarter.

Analysts predict that the state will lose momentum through 2008, then bottom out late this year or in early 2009.

There is one bright spot. Tourism has held up well, the report says, with the number of visitors to the state up 3.4 percent.

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