Geithner feels US economy to take some time to recover
AFP/ PTI / Washington May 07, 2009, 09:04 IST
US Treasury Secretary Timothy Geithner said "it is going to take a while" for the economy to recover from recession while noting "important signs of some stability."
He cited rises in consumer spending and easing credit conditions but cautioned that "it took us a long time to get into this, and it's going to take us a lot to get out of this still.
"So these were important signs of some stability. They're the necessary steps for recovery to begin but ... This is going to take a while," Geithner said in an interview on the "Charlie Rose Show" on Bloomberg Television yesterday.
His comments came a day after Federal Reserve chairman Ben Bernanke said the US economy could rebound later this year, referring to recent data suggesting that the pace of economic contraction might be slowing.
Bernanke warned however of more "sizable" job losses and a still-fragile financial system.
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