Economy may be turning around

An encouraging sign from the Federal Reserve today about "Our Economy, Your Future".

The Fed's snapshot indicates the economy, still fragile, is finally showing signs of stabilizing in some regions of the country bolstering hopes of a broader-based recovery before the end of the year.

Four Fed regions coast to coast in are stabilizing according to the Fed's survey. Those are the Fed districts headquartered in New York, Cleveland, Kansas City and San Francisco.

Two middle of the country regions, Chicago and St. Louis, reported that at least the pace of decline appears to be moderating.

Five other regions in Boston, Philadelphia, Richmond, Atlanta, and Dallas described activity as slow, subdued, weak.

And in one region -- based in Minneapolis -- and including the U-P -- has the downward slide worsened. All together, the Fed says -- brighter than barely a month ago.

Close to home, let's look at the Chicago district which includes almost all of our area. Consumer spending: still sluggish...except for auto sales. Business spending: still dropping, but not as fast.
The housing market: still weak; a little better for single-family homes.
And the money business: maybe starting to improve.

Overall, Fed chairman Ben Bernanke now says he's optimistic about the second half of the year.