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 April 19, 2009

Fed Chief and President Both Cite Economic Progress
President Obama on April 14 pointed out sign that our country's current recession is showing signs of ebbing. Major factors include: a strengthening real estate market, recent auto industry rescue efforts and the recapitalization of some major U.S. banks.
The President stated that when all these factors are taken in to account, they are signs of economic progress.

The Chair of the Federal Reserve, Ben Bernanke also made reference to the most recent data regarding home sales, construction of new homes and overall consumer spending. He refers to all of the factors as positive signs that the economy is improving.

Bernanke remarked that a leveling out of economic activity is a first step on the way to recovery.

David Cohen of Action Economics based in Singapore states that the first quarter of the year will be the worst, and the following quarters will show improvement.