The recession is over and the recovery has begun, “but there is much work to be done,” Federal Reserve Bank of Chicago president Charles Evans said yesterday.

“Is the recession really over? In a narrow, technical sense, the short answer is yes,” Evans told the Corridor Economic Forecast Luncheon in Iowa, according to prepared text of the speech released by the Fed. “Many broad indicators of economic activity are increasing as we would expect in the early stages of a recovery. Nonetheless, I keep hearing the question, because for many households and businesses it does not yet feel like much of a recovery.

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