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Ben Bernanke: “From a technical perspective, the recession is over”

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Apparently not (just yet).

While the chairman of the Federal Reserve called an end to the recession in the US, he added that, “it’s still going to feel like a very weak economy for some time”.

In an equally mixed message, the governor of the Bank of England, Mervyn King, told the Commons Treasury Select Committee that although there were signs of growth in the third quarter, the strength and sustainability of the recovery were still “highly uncertain”.

Entrepreneurs are also playing it cautious. While British retailer Dunelm yesterday reported a 6.8 per cent increase in pre-tax profit to £52.5m over the year to July 4, chief executive Will Adderley – who took over the business from his father in 1996 – warned that “it will be very challenging to maintain our recent trading performance as… economic factors potentially subdue consumer spending.”

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