By  on January 24, 2008

At least one major industry executive isn't pussyfooting around the "R" word: Lew Frankfort, chairman and chief executive of Coach Inc., said the economy is in the midst of a consumer-led recession.

In an interview Wednesday, Frankfort said the recession began in December and "is unlikely to evaporate any time soon. A tax stimulus package will help, but this recession needs to run its course. Things should start improving in the second half of calendar [year] 2008."

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