Weathering the worst ever financial storm in nearly 80 years, the US economy in September, will not only be in recession for 22 consecutive months but the month also marks the first anniversary of Lehman Brothers` failure.
The US economy contracted 1 per cent in the second quarter of 2009 against 6.4 percent decline in the first three months, signalling that the country is probably slowly coming out of the worst financial turmoil in nearly 80 years.
Federal Reserve Chairman Ben Bernanke declared Friday that the US economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression.
The number of US workers filing new claims for jobless benefits unexpectedly rose last week, a government report showed on Thursday, as companies continued to cut payrolls amid uncertainty over the economic outlook.
The US budget deficit reached USD 1.3 trillion for the current fiscal year in July, official data showed, news set to fuel opposition to US President Barack Obama`s ambitious health care and climate change proposals.
Sparking hopes of economic recovery, the US economy shrank much less than expected at one per cent in the second quarter of 2009, mainly due to higher government spending and lesser decline in exports.