White House sees a long road ahead for full economic recovery
New figures showing the United States exited recession are a “welcome milestone”, but a long road remains before the economy recovers fully, the White House said Thursday.
By Agencies |
WASHINGTON: New figures showing the United States exited recession are a ���welcome milestone���, but a long road remains before the economy recovers fully, the White House said Thursday.
���After four consecutive quarters of decline, positive GDP growth is an encouraging sign that the US economy is moving in the right direction,��� said Christina Romer, chairperson of the Council of Economic Advisors.
���However, this welcome milestone is just another step, and we still have a long road to travel until the economy is fully recovered,��� Romer said in a statement, in the first White House reaction to the new economic data. ���The turnaround in crucial labour market indicators, such as employment and the unemployment rate, typically occurs after the turnaround in GDP.
���And it will take sustained, robust GDP growth to bring the unemployment rate down substantially. Such a decline in unemployment is, of course, what we are all working to achieve.���
The US economy exited recession in the third quarter, posting the strongest growth in two years, according to government data released earlier on Thursday.
After four quarters of contraction, the US economy grew at an annualised 3.5% in the July-September period from the prior quarter, the Commerce Department reported.
���After four consecutive quarters of decline, positive GDP growth is an encouraging sign that the US economy is moving in the right direction,��� said Christina Romer, chairperson of the Council of Economic Advisors.
���However, this welcome milestone is just another step, and we still have a long road to travel until the economy is fully recovered,��� Romer said in a statement, in the first White House reaction to the new economic data. ���The turnaround in crucial labour market indicators, such as employment and the unemployment rate, typically occurs after the turnaround in GDP.
���And it will take sustained, robust GDP growth to bring the unemployment rate down substantially. Such a decline in unemployment is, of course, what we are all working to achieve.���
The US economy exited recession in the third quarter, posting the strongest growth in two years, according to government data released earlier on Thursday.
After four quarters of contraction, the US economy grew at an annualised 3.5% in the July-September period from the prior quarter, the Commerce Department reported.
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