The head of the U.S. central bank says the sharp economic decline may be slowing down.
Federal Reserve Chairman Ben Bernanke says recent data on the housing industry and consumer spending show some improvement.
In
remarks prepared for a college audience, Bernanke said the U.S. economy
faces no problems that can not be overcome with "insight, patience and
persistence."
A government report out Tuesday may test the Fed
chairman's patience because it shows a 1.1 percent drop in retail sales
in March. Economists were expecting a slight gain. They track retail
sales closely because consumer demand drives most U.S. economic
activity.
U.S. President Barack Obama is to deliver a major
speech on the economy Tuesday, as his administration works to reverse
the recession.
The White House says the president will update
the nation about his efforts to heal the ailing economy, and discuss
what still must be done to get the economy moving again.
When
Mr. Obama took office in January, he inherited the worst financial
crisis to hit the United States since the Great Depression.
Since
then, his administration has approved billions of dollars in stimulus
funds to try to jump-start the economy and stabilize major banks that
were on the verge of collapse.
Some information for this report was provided by AFP, AP and Reuters.
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