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CHICAGO (Dow Jones)–Although unemployment remains “very high,” the president of the Federal Reserve Bank of Chicago said Wednesday that broad indicators show the U.S. economy is in the early stages of a recovery.
The worst recession since The Great Depression is over in a “narrow, technical sense,” said Chicago Fed President Charles Evans.
He acknowledged that many households and businesses have yet to feel the benefits of an economic rebound.
The jobless rate stood at 10.0% in December, and the economy lost a larger-than-expected 85,000 jobs during the month.