Recession in the US has come to an end as US GDP increased in the third quarter. The US saw an expansion of 3.5 per cent between July and September according to figures from the US Department of Commerce.
The US growth follows recent news that Japan, China, Germany, and France have all climbed out of their recessions. The UK may now be the only top economy to remain officially in the slump. Just a reminder of what a ‘recession is’, its two or more quarters of negative or stagnant GDP.
The Obama administration stated that the news is a “welcome milestone,” but stopped short of celebrating a complete recovery. The ‘end of a recession’ is exactly that, a milestone, it doesn’t undo the damage but it is the first step on the road to recovery the issue now will be one of continuing on that path.
The American stimulus packages rolled out this year are probably a major catalyst to the quarter’s growth – increasing consumer spending which the US economy is so reliant …