NBER President Feldstein Says (?) February Was Bottom, March+April Better

In Paris this morning, Martin Feldstein, President of the NBER, added his voice to the growing chorus saying that the US economy is on the road to recovery. (At least we think he did):

If you look at monthly indicators, the trend has clearly been reversed since December-January… Industrial production, real income, employment, retail sales — on these fronts, February was terrible, March was slightly less bad, and it is not because in April we saw smaller falls than expected that we should celebrate.

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