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US economy finally moves out of recession – time to break out the champers? Maybe just the dinkies

Ending the longest economic contraction since 1945, the American economy finally began to expand again in the third quarter of 2009. According to commerce department figures, the US GDP expanded at an annual rate of 3.5% over the July-September period, matching growth averages for the past 80 years. But, here’s the thing, the end of special federal stimulus programmes to encourage spending on cars and houses, together with a reluctance by employers to hire new workers means this recovery may be temporary. Of course, the GDP growth came off a shrunken base as the economy had been in decline for a full year, with a 6.4% drop in the January-March 2009 period. Read more: The New York Times

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