Merrill Lynch last week became the first major U.S. investment bank to declare the U.S. economy in recession. Two days later, Goldman Sachs jumped in, predicting that the economy would enter recession during 2008, if it wasn't there already.
The thinking at both banks is that a recent spike in unemployment is evidence that the credit crunch roiling the housing and financial sectors is beginning to infect the larger economy. So in order to find out what that means for the marketing world, Ad Age asked leading industry executives what they think a recession means for the business in 2008.
Their reply: It might not hurt in the short-term, but if things don't tick up, gird yourself for a tough 2009.
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