Though he’s reluctant to declare the recession over, Chairman of the Federal Reserve Ben Bernanke believes the economy will be recovering and growing in late 2009.
Bernanke, reporting to the Joint Economic Committee, pointed to the slowing in the contracting of the economy and the boost in consumer confidence and spending as indicators that the bottom is near and that growth is possible. His report was decidedly more optimistic than his last report to the joint committee a couple of months ago.
Bernanke’s biggest apprehensions came in the form of jobs and employment, as he predicted that businesses would be cautious about restaffing even after the economy is showing signs of growth. He predicted unemployment will remain high in the coming months.
The Washington Post: Bernanke Expects Economic Growth By Year’s End