Economy getting better, but still ‘a long way to go’

By the CNN Wire Staff

Washington (CNN) — The slow but steady U.S. economic recovery appears set to continue, with underlying indicators signaling a growing strength, some of the nation’s senior economists said Sunday.

“The trend has turned,” said Lawrence Summers, director of the White House National Economic Council, on CNN’s “State of the Union” program. “But to get back to the surface, we’ve got a long way to go.”

Former Federal Reserve Chairman Alan Greenspan told ABC’s “This Week” that the recovery so far has led to conditions for compounding growth. In particular, Greenspan cited an increasing demand for inventory that spurs production as a signal of a possible significant buildup in growth.

“I suspect it’s month by month,” Greenspan said of continued economic growth, adding that “a statistical aberration is possible.”

He said he doubted there would be another drop in growth to create what economists call “double-dip recession” after the downturn of 2008-09, saying the odds were “very much against that now.”

On NBC’s “Meet the Press,” the chair of Obama’s Council of Economic Advisers, Cristina Romer, said the recovery would have to be systemic rather than consumer-driven because, in the wake of the recession, “we’re not going to be see people maxing out their credit cards again.”

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