US 'statistical' recovery from recession

US 'statistical' recovery from recession article image
The USA has recorded a 3.5 percent rise in their gross domestic product for the third quarter, marking the end of their four-quarter recession. The figures are a good indication that the American giant will grow in 2010. US President Barack Obama attributed recovery to his administration's US$787 billion stimulus package: "This recession is abating and the steps we've taken have made a difference." While the news is good, economists fear that the recovery may only be statistical due to continuing concerns about unemployment, which has now reached 9.8 percent. "Unemployment remains unacceptably high," said secretary to the Treasury Tim Geithner. "For every person out of work, for every family facing foreclosure, for every small business facing a credit crunch, the recession remains alive and acute." The US government plans to release figures on the number of jobs created or saved due to their stimulus package.


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