Fed Official Says Recovery Will Be Slow

By: Associated Press Email
By: Associated Press Email

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Friday, May 15, 2009

A Federal Reserve official is predicting a "slow slog" back to economic health.

Richard Fisher, president of the Federal Reserve Bank of Dallas, says he expects the "pace of decline will moderate" in the current quarter. After that, he says, the economy is "likely to bounce along the bottom for a while." He says there could be a return to positive growth early next year.

In remarks prepared for a banking convention in Texas, Fisher says there have been some hopeful signs lately: Job losses may be slowing, retail sales aren't quite as bad as they were and purchasing managers see the decline in new orders abating.

But he says consumers still fear losing their jobs or homes and likely will remain cautious spenders.

He says that means "we are not out of the woods," and in fact have "miles to go before we sleep."

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