While economic news is both good and bad, when taken together they show an economy growing at a “tepid” pace, Federal Reserve Bank of Richmond president Jeffrey M. Lacker said yesterday.

Experts “are very hesitant” to say a bottom has been reached in housing construction, sales, or prices, and even if the housing market bottoms out later this year, a recovery is likely to be slow, Lacker said, according to prepared text of a speech released by the Fed.

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