The recession is ending and the economy is finally growing again. That's the message implicit in the Federal Reserve's latest survey of businesses around the country, which found economic activity stabilizing or improving in most regions.
SHOOT: The factors in play before the recession remain in play, except we have now spent our bailout money on restoring companies that have no future, and bailing out profligate banks with the last resource left to us - taxpayers money. And with the economy idling, energy prices are now at $70...
The number of foreclosure-related filings — including default notices, scheduled auctions and bank repossessions — remains 18 percent higher than a year ago.
There was plenty of bad news in the survey. In the commercial real estate market, demand stayed weak, and construction fell in all parts of the country. And the job market was still sickly all over the nation.
The nation's unemployment rate, which stood at 9.7 percent in August, could top 10 percent this year. Fisher, of the Dallas Fed, called for "uncomfortably high unemployment" as businesses keep cutting costs.
After the sudden growth expected in the current quarter, many analysts expect the economy to slow a bit through the rest of this year and into 2010.
Still, several regions noted that businesses and local governments were imposing wage freezes or cutting compensation.
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