Richard W. Fisher, president and chief executive of the Federal Reserve Bank of Dallas, says The Great Recession is finally over and the economy is in recovery.
"We're beginning to see indicators that we're coming out of this," Fisher told the Dallas Morning News, meaning consumer confidence is up and so are housing prices.
But it's too early to break out the pom-poms and get really excited.
The job market isn't going to reheat any real time soon, Fisher said.
"I think it will be a while before businesses rehire or increase pay. They're all going to be very, very conservative on that front until they feel comfortable that we have a global economy that is proceeding. I think that will take some time," Fisher told the newspaper.
Not everyone is so optimistic. Take economist Nouriel Roubini, who said in June that the recession would go on for another nine months.
He may have tempered his doom-and-gloom forecast, but it's still not good.
“There is a big risk of a double-dip recession,” Roubini wrote in his column in the Financial Times this week.
Policymakers must find a way to exit stimulus-fueled economic policies without hurting growth, while at the same time deal with rising oil, food and energy costs that could also hamper growth. Otherwise, the economy will grow and then dip again.
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