Summers Says Strong Recovery Likely Underway

Cambridge, MA, March 26, 2012 -- Former Treasury Secretary Lawrence Summers wrote in the Financial Times that there's a good chance that a strong economic recovery is beginning.

After similar expecations 2010 and 2011 proved to be premature, this time around Summers says, circumstances are different.

Summers cited employment growth that has been running "well ahead" of population growth for some time, a higher U.S. stock market, and low market volatility.

He also mentioned consumer pent-up demand for cars and other durable goods, and signs that the housing market is beginning to stabilize.

In addition, he said, the rate of new families setting up households has been well below normal and eventually they will set out on their own.