BUSINESS
11/19/2008 05:12 am ET Updated May 25, 2011

White House Economic Adviser: Parts Of The US In Recession

Chairman of the U.S. Council of Economic Advisors Edward Lazear said on Sunday that parts of the nation seem to be in recession, but the government's massive bank bailout plan was already starting to turn around credit markets.

"We are seeing what anyone would characterize as a recession in some parts of the country," the president's economic adviser told CNN, noting that some areas were seeing jobless rates much higher than the 6.1-percent national level.

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