Commerce Department: Bush Recession has ended

 

WASHINGTON — The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes. It's the strongest signal yet that the economy has entered a new, though fragile, phase of recovery and that the worst recession since the 1930s has ended.

 

Many analysts expect the pace of the budding recovery to be slow due to rising unemployment and continuing difficulties by both consumers and businesses to secure loans.

"This welcome milestone is just another step, and we still have a long road to travel until the economy is fully recovered," said Christina Romer, President Barack Obama's chief economist. "It will take sustained, robust ... growth to bring the unemployment rate down substantially. Such a decline in unemployment is, of course, what we are all working to achieve."

The much-awaited turnaround reported Thursday by the Commerce Department ended the streak of four straight quarters of contracting economic activity, the first time that's happened on records dating to 1947.

Read more at: http://www.huffingtonpost.com/2009/10/29/new-commerce-report-shows_n_338162.html

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