The Commerce Department reported some glum news this week regarding consumer spending. Retail sales weakened last month, instead of gained, as many analysts had hoped for a predicted.

Top officials have weighed in on the matter, including Ben Bernake, Chairman of the Federal Reserve, noting, “A leveling out of economic activity is the first step toward recovery. To be sure, we will not have a sustainable recovery without a stabilization of our financial system and credit markets.”

He also noted, however, that "the current crisis has been one of the most difficult financial and economic episodes in modern history. Recently we have seen tentative signs that the sharp decline in economic activity may be slowing, for example, in data on home sales, homebuilding, and consumer spending, including sales of new motor vehicles. A leveling out of economic activity is the first step toward recovery.

President Obama remarked on the economy in a speech at Georgetown University yesterday. "There is no doubt that times are still tough," he said, but "for the very first time, we are beginning to see glimmers of hope."

Published: April 15, 2009

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