Apr 1, 2009 12:00 PM

The United States is not in a depression despite the claims of prominent economists, said Clare Zempel, himself an economist and financial advisor.

Speaking at a recent industry event, Zempel said serious economic challenges persist and there may be shocks ahead, but economists who claim that the nation is already in a depression are wrong and even irresponsible.

He made his remarks as keynote speaker for the annual Pegasus TransTech Users Conference. Pegasus TransTech provides Transflo and Transflo Express business process, document management, and scanning services primarily to the trucking industry.

Zempel told the gathering a number of indicators show the recent economic plunge may be bottoming out.

Citing established economic indicators, he said residential housing prices are beginning to stabilize in much, though not all, of the country; retail sales have shown unexpected strength; and homes have once again become affordable for average American wage earners.

The demand for freight transportation, which had fallen in the fourth quarter of 2008, appears to be stabilizing, he said.

Far from a protracted depression, Zempel predicted that U.S. business could see signs of recovery as early as the third quarter of this year.