Home Depot CEO doesn't see a recovery until last half of 2010

While many retailers say they are seeing encouraging signs of smoother economic seas ahead, the chief executive of Home Depot (HD) says he isn't ready to stop bailing water yet.

Frank Blake, chairman and CEO of the home improvement retailer, told analysts Thursday that housing indicators are still weak and hitting new lows, so it's too soon to claim we're in a recovery. Blake noted that spending on housing as a percent of gross domestic product-- an indicator Home Depot uses to gauge the health of the economy and its business prospects -- is still dropping and foreclosures continue to plague many housing markets.