The slow pace of the nation?s economic recovery is “disappointing” but the U.S. is not likely to head into another recession, a top official of the Federal Reserve Bank told reporters in Madison on Monday. Nationwide data on consumer spending, housing and manufacturing over the past three months have been lower than officials might like to see but are “still broadly consistent with economic growth at a moderate pace,” said Jeffrey Lacker, president of the Richmond, Va. Federal Reserve Bank. The chance of a return to a recession “looks low now,” he said.
Lacker spoke to about 100 students, economists and finance executives at the UW-Madison. A native of Lexington, Ky., Lacker received his doctorate degree in economics from the UW-Madison.