BLOOMINGTON, Ill. – The economy is looking up, but change may come slowly, said Charles L. Evans, president of the Seventh District Federal Reserve Bank of Chicago, who was the featured guest speaker for the annual Illinois Wesleyan Associates Luncheon on Friday, May 14, in the Shirk Center at Illinois Wesleyan University.
“The economy is recovering from the recession, and I am optimistic it will continue to do so,” he said. “I think we have turned the corner.”
Speaking to the crowd of business and community leaders, Evans said he is seeing recovery in the broadest sense of economic growth, but realizes the signs of recovery are not always apparent. “The ‘for sale’ signs posted in yards, the empty storefronts and long waits for job seekers are powerful reminders of how serious the recession was, and how far below our potential we still are,” he said.
Evans attributes growth to several factors, including the economic stimulus, businesses spending on capital equipment and increased private spending — though he said private spending may still remain lower as consumers struggle to pay down debt and battle unemployment. “In general, measures of economic activity show improvement early in a recovery, well before the job picture starts to get better,” he said, noting “muted gains in unemployment will hold back growth in wages and salaries.”