The United States is in a recession but the downturn is expected to be mild because consumer spending is not expected to fall precipitously, Standard & Poor's said on Thursday. The recession will not put as much downward pressure on commodity prices as in a typical recession, S&P chief economist David Wyss told an oil and natural gas round-table meeting with the media.
"We are in a recession, but I think it will be a mild recession," Wyss said, adding "unless this turns into a consumer strike it should only be a mild downturn."
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