Economy's 'Free-Fall' Nearly Over: Summers

By Harry Kimball,  Newser Staff
Posted Apr 9, 2009 4:14 PM CDT
Protestors hold up a banner behind National Economic Council Director Lawrence Summers at the Economic Club of Washington.   (AP Photo)
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(Newser) – Top Obama economic adviser Lawrence Summers said today that measures to stabilize the economy will have a discernible effect in the next few months, the Hill reports. Loosening credit and an increased flow of inventory from manufacturers means the sense of “free-fall” will dissipate, though jobless numbers will continue to rise. We can’t “hold out the prospect that unemployment will stabilize,” Summers said.

“The sense of a ball falling off a table,” Summers said, “which is what the economy felt like since the middle of last fall, I think we can be reasonably confident that that's going to end in the next few months, and that you'll no longer have that sense of free-fall.”