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Byline: Mike Rappaport
Apr. 26--RIVERSIDE, Calif.--The recession is over, but sluggishness in capital spending probably will prevent a solid recovery until at least 2003.
That's what Michael Bazdarich, director of the UC Riverside Forecasting Center, said Thursday in his first-quarter update of the 2002 economic predictions he made in December.
In his four primary December predictions, Bazdarich said the national recession would lift early this year although a strong recovery wouldn't come till 2003, mortgage rates would continue to drop, the Inland Empire and California would avoid the recession and housing would fuel modest growth locally in 2002. …