Dennis Lockhart said the nation's economic recovery has been uneven because of several factors, including slow growth in consumer spending, higher living costs, a weak labor market and an unstable housing market.

But there are areas of positive news, including growing business investment, export growth and an influx of work in the oil and gas industry.

"While the risks have increased, I do not expect a recession," Lockhart told attendees at the Cajundome Convention Center. "In my view, there is sufficient fundamental strength in the economy for a modest cyclical recovery to proceed while the process of necessary structural adjustments moves along. I continue to believe the unemployment rate will come down very gradually over time."

Based on anecdotal reports, Lockhart said Louisiana appears to have escaped the brunt of the recession, in large part because of its economy's heavy emphasis on the oil and gas industry.

For more on Lockhart's presentation, see Thursday's edition of The Daily Advertiser.