US recession 'is over'
Thu Oct 29 2009 19:12:34
The American economy grew in the third quarter of 2009, which means the US is emerging from its worst recession in decades.
The economy expanded at a 3.5 per cent annual rate after contracting 0.7 per cent in the April-June period.
The economy slipped into recession at the end of 2007 and has been in the worst downturn since the Great Depression of the 1930s.
A recession is officially defined as a period when GDP falls for at least two quarters in a row, so the recovery wil not be 'official' until another quarter shows growth.
It is good news for worldwide economic prospects in 2010, despite disappointing figures showing the UK is still struggling to emerge from its longest slump since the 1950s.
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President Barack Obama welcomes the news that America is out of recession, with its economy growing 3.5% between July and September.
