U.S. Economy: Retail Sales, Producer Prices Declined in March
Ben: see signs of slowing contraction => still contraction, do not be fooled
Dallas Fed President Richard Fisher said in remarks in Hong Kong today that “grim” figures indicate the U.S. economy shrank steeply last quarter. He reiterated his prediction that the jobless rate may exceed 10 percent this year.
Federal Reserve Chairman Ben S. Bernanke said there are signs that the “sharp decline” in the U.S. economy is slowing, indicating a potential “first step” toward a recovery from the worst recession in a generation.