The cutbacks of thousands of jobs have raised concerns among economists and could hobble the current tepid recovery.

As higher prices are becoming the norm, some analysts worry that they may exact a big toll on the economy, especially with the current recovery so tepid.

Now, with the recovery "modest and tepid," he urges the Fed "to take some risks on excessive ease."

The troubles caused by the recession and the tepid economic recovery are not a surprise to executives at United, American and other major carriers.

The dismal news, which sent stock prices skidding 2.1 percent, is another reminder that Japan's tepid recovery is far from even.

Business confidence has also improved, suggesting that the tepid recovery under way will pick up steam.

For the bond market, however, the biggest risk is that the widely held view of a tepid recovery is dead wrong.

Dr. Kamer said she expected a "fairly tepid recovery" from the recession and thought the new buildings "will fill up, it's a question of timing."

The recession ended, and a tepid recovery began.

If the tepid recovery now underway sinks back into recession, he said, the public could come looking for retribution at the polls.