By Justin Hudson

Economists are in disagreement over whether or not the American economy might be headed towards a double-dip recession.

Most economists believe that the global recession that began in 2008 has already ended. However, there have been recent signs that the economy is headed towards another slowdown. Consumer confidence, one tool used by economists, fell rapid 10 points between May and June as many Americans are fearful of losing their jobs in a slowed economy. Housing sales and construction both slowed in May.   

Unemployment continues to hover around 10 percent. State and local governments have been decimated by budget deficits and the resulting slashing of services, which have further demoralized consumers.

The bleak economic picture in America, coupled with a slowdown in the once strong Chinese economy and the financial turmoil that is engulfing much of Europe, has some believing the economy is heading toward another recession.

However, other economists believe the economy is still on the road to recovery. Analysts from Economy.com project the U.S. will grow at a pace of 2.5% during the latter half of this year and will continue to grow throughout 2011, hitting 4% growth by the end of next year.

Globally, a couple of major economic organizations are cautiously optimistic about continued economic growth. Dominique Strauss-Kahn, head of the International Monetary Fund, believes that while the economic recovery will be uneven worldwide, the global economy will continue to see sustained growth. Similarly, the Organization for Economic Co-operation and Development has predicted 4.6% growth globally.    

During June’s G-20 Summit in June, both President Barack Obama and Treasury Secretary Timothy Geithner both warned world leaders to avoid ending stimulus projects too soon, which they say could endanger growth and recovery.