They are the words Americans have been waiting to hear: their worst recession since the Great Depression is likely to be over.
The Federal Reserve Chairman made the comments in a speech in Washington. But he also issued a warning: the economy is not going to return to good health overnight. He said: “Even though from a technical perspective the recession is likely over at this point, it’s still going to feel like a very weak economy for some time, as many people will still find that their job security and employment status is not what they wish it was.” A day after pleading to Wall Street to heed the lessons of the financial crisis, President Obama took his message to Main Street. Claiming credit for the signs of recovery, he told General Motors workers that their bailed-out company was back on the path to being a solid business. And in further signs of recovery, US retail sales rose in August. However, the US Chamber of Commerce says more than 500,000 jobs are at risk unless the government clinches more trade deals and fixes disputes.