Wal-Mart CEO says that the current downturn does not necessarily mean the end of the recession

The fact that sales at U.S. retailers unexpectedly fell 1.1 percent in March and reports have dimmed hopes that the U.S. recession is close to hitting bottom does not mean that the end of the recession is close – Wal-Mart CEO says.

 Wal-Mart CEO Mike Duke said  on NBC, on Wednesday that there remained a "lot of stress" in the economy and he did not anticipate a quick end to the recession. "It's not a 'V' recession, where we're just going to bounce out and come back," he added. Duke made the comments a day after a government report showed that sales at U.S. retailers unexpectedly fell 1.1 percent in March, and came after Wal-Mart last week reported a lower-than-expected rise in March sales at U.S. stores open at least a year. Duke said that by the end of the month, just before traditional paydays, customers are left with only a few dollars to spend. He also added that the downturn will lead to a "sustained change" in the way that families live.