Oct. 30--The recession is over.

Word yesterday from the Commerce Department that the economy grew by 3.5 percent was cheered on Wall Street, with the Dow Jones industrial average soaring nearly 200 points.

But on Main Street -- and elsewhere in central Ohio -- the reaction wasn't nearly as robust.

The news is a psychological boost, local observers agree, but we're not out of the woods yet as many still are grappling with unemployment, foreclosures and tight credit.

"I don't think we can get overly optimistic," said Richard Call, vice president of the Columbus office of Consumer Credit Counseling Service. "We have to get people back to work. That's what will really stimulate the economy."

His office, he said, continues to see an increasing number of people with financial and foreclosure problems.

"I want to be optimistic," said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio. "But I don't know if the fundamentals are there to say we'll see any improvements in housing and employment soon."

The 3.5 percent increase in the country's gross domestic product -- the total output of goods and services -- was fueled in large part by the government, particularly the "Cash for Clunkers" program and the federal tax credit for first-time homebuyers.

The programs helped end four consecutive quarters of contraction. The third-quarter GDP was above the 3.1 percent to 3.3 percent predicted by economists.

Huntington Bancshares Chief Executive Stephen Steinour said the better-than-expected rise was encouraging news. But that's not going to change his bank's policies.

"We continue to be prudent and conservative in how we manage our business as we wait for more positive economic indicators in the Midwest, such as the decline in the unemployment rate," he said.

That decline will come slowly, said Bill LaFayette, the Columbus Chamber's vice president for economic analysis.

"The sequence is that when the economy starts to come back, businesses will work their current employees harder, adding overtime," he said. "Then, they'll bring on temporary employees and then they hire new, permanent employees."

Others also see a long road ahead for a full recovery.

"My concern is we've seen this bounce because of the $8,000 tax credit for first-time homebuyers and the Cash for Clunkers program," said Amy Klaben, chief executive of Columbus Housing Partnership, a local nonprofit group serving low- and moderate-income households.