Will the economy turn around this year?

[moneysense]

Bernake says that as long as the financial sector continues to mend, that the economy will do a turnaround this year, but that unemployment will still remain high for a while.

Bernake has also stated that the real estate market may be bottoming out, but that consumer spending is beginning to rebound which will help the economy.

Bernake says that even after the turnaround, that

"the rate of growth of real economic activity is likely to remain below its longer-run potential for a while."

Now, if they can just turn around the unemployment rate we may be able to come to a total economic recovery.

[ClassyLady]

My opinion is it will not happen this year. It took us a while to get in this shape and it will take a while to get out. It will take longer than a year.