NEW YORK–There is light at the end of the recession tunnel, but the economy won’t see it until the end of 2009, and even then it might be dimly lit, according to an economic panel assembled by Prudential Financial.

The U.S. economy is 14 months into a recession that could last for the better part of 2009 before there is some recovery, a rebound that “will be tepid by historical standards, according to panelist Edward Campbell, a vice president and portfolio manager with Quantitative Management Associates, a unit of Prudential.

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