Obama says economy 'not out of the woods'
President Barack Obama struck a hopeful but serious tone in a speech about the economy Tuesday, emphasizing the U.S. is not out of the woods yet despite the ?glimmers of hope? he cited last week.
Economic numbers released Tuesday seem to confirm that the recession is far from over. March retail sales registered the biggest decline in three months, auto sales took a big drop and sales plunged at clothing stores, appliance outlets and furniture stores. "2009 will continue to be a difficult year for America?s economy and obviously most difficult for those who lost their jobs,? the president said at George Washington University. ?The severity of this recession will cause more job loss, more foreclosures and more pain before it ends."
Long Islanders are seeing that first hand. Bankruptcy filings in New York are up 35 percent from a year ago and businesses continue to close. "We're definitely in a recession,? says Karyn Zweback, an executive recruiter from Plainview. ?Businesses aren't doing well, it?s sad."
However, the latest numbers released also show U.S. food and gas prices have decreased.