The U.S. recession may be officially over, but the pain remains for many.
The recession may now be unofficially over, but the economy still stinks. New figures show the U.S. economy grew at a 3.5 percent annual rate in the third quarter, the first rise in more than a year. But homes are still getting foreclosed and unemployment remains high. —JCL
The United States economy, the world’s largest, unofficially emerged from recession in the third quarter of the year, growing at a better-than-expected annualised pace of 3.5%.
The growth, spurred by rebounding consumer spending and investment in home-building, marked the first positive quarter since the second three months of last year. Economists had expected a figure of around 3.3% after a drop of 0.7% in the second quarter.
The return to growth means the US was in recession for four consecutive quarters, a better performance than Britain, which remains in recession after six quarters in a row of contraction.