Three reports buoy hopes of real economic recovery in US

By Incorrect Author 4 November 2009

Three unexpectedly good economic reports have raised hopes the recovery is finally building momentum. However, the US’s highest unemployment level of 10%, tight lending and conservative spending by consumers still give cause for concerns that the economic gains may not be sustainable once the stimulus programmes wind up.  The first report by the Institute for Supply Management gauged manufacturing activity in October finding it grew at the fastest pace in more than three years as businesses replenished stockpiles and dealt with a growing demand for exports. The second, the overall economic report, as measured by GDP, showed expansion of 3.5% in the July-September quarter. However, analysts say this growth may drop to about 1.7% in this quarter and stay at that level through mid-2010. In the third report the National Association of Realtors said the volume of signed contracts to buy previously owned houses grew 6.1% in September, the highest level since December 2006 and 21% higher than last year. Maybe the sky is not falling after all. Read more: AP


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