The U.S. economy ended last year on an encouraging note, with all parts of the country showing improvements. Factories produced more, shoppers spent more and companies hired more. All those signs point to a stronger economy in 2011. That’s the picture that emerges from the Federal Reserve’s nationwide survey of economic conditions released today. Fed Chairman Ben Bernanke is optimistic that the economy will strengthen this year; however, last week he warned that it would take up to five years for unemployment, now at 9.4%, to drop to a historically normal level of around 6%. Risks to the ongoing recovery loom. Declining home prices and millions of foreclosures are depressing housing markets around the country, the survey says. Rising gasoline prices also could drag on the economy, Bernanke says.
Fed says U.S. economy finished 2010 strong
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