New Reports Provide Evidence Recession Is Ending

(Washington, DC) -- A pair of newly released reports find the U.S. economy is pulling out of the worst recession in 70 years. The Institute for Supply Management reports its index of national factory activity rose nearly 53-percent in August, the first expansion since January of last year. A separate report from the National Association of Realtors says home sales contracts reached a two-year high in July hitting the highest number since June 2007. Pending home sales contracts have now risen for six straight months. Stabilization in the three-year old housing downturn is seen by many economists as essential to any recovery. President Obama called the manufacturing report, quote, "another important sign that we are heading in the right direction and that the steps we have taken to bring the economy back from the brink are working." The Obama administration's stimulus program includes billions of dollars in spending and tax cuts.