Last month, I asked how long the recession would last. Estimates ranged from two years to five.

Now a survey from the Federal Reserve Bank of Philadelphia puts it at 14 months. And things are likely to get a lot worse over the next few months with forecasters predicting a couple of bad quarters ahead and unemployment in the US hitting 7.4% in 2009.

And what will it be like? The Boston Globe warns that it will be like nothing we have seen before. Cheaper televisions and more channels means it will be a more isolating experience and diminishing home prices will see more people renting apartments, perhaps in the city where commuting costs are lower. It will affect housing, health insurance, transportation and child care. Expect to see standards at universities drop and for depression and Suicide rates to go up. There might even be changes in our eating habits.

Watch this space.