Mortimer Zuckerman, co-founder of Boston Properties Inc., the largest U.S. office real estate investment trust, said the U.S. economy is in a recession and there's no sign of a recovery.
``We are looking at the worst set of macroeconomic conditions since the Great Depression,'' Zuckerman said in an interview with Bloomberg Television. ``I don't know where the bottom is. The federal government's going to have to do a lot more to contain what I think is the potential of a perfect storm.''
Employers are cutting jobs and demand for housing is tumbling. On March 7, the Labor Department said payrolls fell by 63,000 in February, the most in five years, after a revised decline of 22,000 in January.
U.S. economic growth slowed to a 0.6 percent pace in the fourth quarter of 2007 from a 4.4 percent rate in the prior six months, according to the U.S. Commerce Department's Bureau of Economic Analysis. The share of economists in a monthly Bloomberg News survey predicting a recession rose to 50 percent in February from 40 percent in January.
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