14th Annual Economic Forecast Conference Examines Economic Trends and the Future of Business in Orange County

IRVINE, CA--(Marketwire - October 30, 2008) - 2008 marks the end of an era, according to the Economic Forecast Conference held today by the Orange County Business Council (OCBC) and Cal State Fullerton Mihaylo College of Business and Economics. The 14th annual event featured an overview of the current state of the economy with specific analysis of the outlook for the business climate in Orange County and Southern California.

Dr. Anil Puri, Dean of Cal State Fullerton's Mihaylo College, presented his analysis of the latest economic issues and trends to an audience of 850 business and academic leaders from throughout the Southland at the Hyatt Regency Irvine.

"The financial overview of 2008 is a once in a lifetime story to tell," said Puri, adding that the U.S. had been operating with a financial model "fraught with danger." Puri's forecast calls for .5 percent GDP growth in 2009 and a national unemployment rate of 6.8 percent. In terms of the housing market, Puri sees housing prices continuing to decline over the next six months before stabilizing in the second half of 2009.

Dr. Puri's report was complemented by a presentation by Joseph Otting, Vice Chairman of U.S. Bancorp. Otting, who manages U.S. Bancorp's Commercial Banking Group, gave his perspective on the future of U.S. financial markets.

"Every week brings something different for those of us working in the financial industry," Otting began. Outlining a financial industry he sees growing more streamlined and efficient, he would add, "I am very optimistic about the American economy. The entrepreneurial spirit is strong across the country, and that's where the next big innovations will come from."

Lucy Dunn, President and CEO of OCBC, noted, "This year has presented the business community with a shifting economic landscape and historic volatility. Today Dr. Puri and Joseph Otting gave Orange County business leaders the roadmap to plan for the post-2008 era of business in the U.S."

Visit www.ocbc.org or contact Robb Korinke at 949.794.7225 or email rkorinke@ocbc.org for further information on the event. Copies of Dr. Puri's report are available by contacting Ginny Pace at 714.278.2566 or email gpace@fullerton.edu.

Contact Information: CONTACT: Robb Korinke Director of Communications 949.794.7225