Promising news

Published 5:23 pm Saturday, September 12, 2009

By Staff
Finally … perhaps.
A survey by the Federal Reserve shows economic activity is stabilizing or improving in most of the country, joining an ever-increasing amount of evidence that the worst recession since the 1930s is over.
It’s about time for some good news when it comes to the economy. Beaufort County and surrounding environs have had enough double-digit unemployment rates, layoffs of workers and the resulting increase in claims for unemployment-insurance benefits.
The Associated Press reported Wednesday that all but one of the Federal Reserve’s 12 regions indicated that economic activity was ‘‘stable,’’ showed ‘‘signs of stabilization’’ or had ‘‘firmed.’’ The one exception was the St. Louis region, which continued to report that the pace of decline in economic activity appeared to be ‘‘moderating.’’
The Atlanta region characterized activity as “stable or showing signs of stabilization.”
It’s going to take more than just good news about one quarter to provide a foundation on which to build a hope for improved economic prosperity. Once the nation gets two or three consecutive quarters of increased economic activity under its belt, then comes the time for celebration.
As for the jobs front, the survey said employment conditions remained weak in all of the 12 regions. In August, the nation’s jobless rate reached a 26-year high at 9.7 percent, with expectations it will top 10 percent this year. That tempers, to some degree, the news about economic activity stabilizing.
The Federal Reserve’s survey is promising, offering some good news. But what this country needs is a full recovery … and then some.
That would be great news … and then some.