Fed's Evans: US Economy In 'Extremely Modest' Recovery

Federal Reserve Bank of Chicago President Charles Evans said Tuesday that the economic recovery is "extremely modest," and the pace of the recovery "slower than we had hoped for."

However, he said the rebound is continuing from the worst slowdown since the Great Depression, and he views as unlikely that the economy will fall into a double-dip recession.

"A double-dip recession is not the most likely outcome," Evans said, although he noted that the risk of a double-dip is higher than it was only six months ago.

In recent weeks, investors have become increasingly concerned about a faltering economy, particularly the ailing job market.

The August unemployment rate was at 9.5%. When the economy is doing well, the jobless rate should be around 5%, Evans said.

Read Full Article from Wall Street Journal

- Posted: 2010-08-24 23:32:48

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