Economic Recovery? Not So Fast!

by Howard Wial | September 10, 2009

Federal Reserve Washington, DCThe Federal Reserve’s latest Beige Book, released yesterday, painted a cautiously optimistic portrait of the state of the nation’s economy. The New York Times, reporting on the Beige Book, heralded a “slow and still fragile recovery” that is “taking hold across the country.” But even if the data bear out this anecdotal assessment, don’t think that a robust recovery is going to appear in your metro area anytime soon. Here’s why:

 As Paul Krugman pointed out, the U.S. economy may well be in a recovery (technically speaking) but that’s irrelevant. For the next year and maybe longer, it isn’t going to feel like a recovery in much of the nation.


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