The last recession formally ended in March 1991, but the recovery proceeded in fits and starts over the next two years.
If recovery proceeds as the Fed anticipates, its interest-rate target will remain at near zero until at least 2015.
"If the recovery proceeds as expected, the time when the Federal Reserve will need to begin raising interest rates may be approaching," the fund said in its World Economic Outlook.
Economists generally believe that the nation is in the early stages of a slow recovery, and that as the recovery proceeds, interest rates will go up.
IT'S difficult to imagine a scenario in which America's labour market recovery proceeded as rapidly as the one following the 1982 downturn.
Mr. Bernanke, however, did provide new details of a major concern: how, as the recovery proceeds, to gradually shrink the balance sheet, which along with a vast array of assets also includes $1.1 trillion that banks are holding with the Fed.
The Natural Resources Defense Council, whose headquarters are in Manhattan, plans to release a study next week concluding that the government response, while heroic on many levels, broke down when it came to the environment, especially the issues that affected local residents who faced daunting and often unanswerable questions about their health as the cleanup and recovery proceeded.
Although the pace of job losses was moderating, the unusually large fraction of those who were working part time for economic reasons and the unusually low level of the average workweek pointed to only a gradual decline in the unemployment rate as the economic recovery proceeded.
The recovery proceeds similarly in the center and subsurface layers, but because of the different initial spatial arrangement of the texture components in these layers, the loss of HABs is significantly greater in the subsurface compared with the center layer.
Metabolic changes in the surviving sepsis patients shifted towards those observed in endotoxemia as their recovery proceeded.
