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US economy slowly growing

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Reports have shown the US economy is gradually improving, suggesting the United States is breaking free of its deep recession after almost two years. Regional growth in the US Midwest has fuelled talks the US economy is on the way up, as the The Institute for Supply Management-Chicago's business barometer-rose to 50.0 in August - the dividing line between growth and contraction - from 43.4 in July. A similar survey in the Milwaukee region was also much stronger in August, while business activity in New York City expanded in August for the first time in three months, as The National Association of Purchasing Management-New York's seasonally adjusted index of current business conditions rose to 55.3 in August from 48.3 in July. However despite the optimism, employment still remains poor. William Dudley, president of the New York Fed, said it is too early to talk about economic recovery. "The economy still isn't growing very fast and we do have a very high unemployment rate," he said.

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