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Slide in US economy starts to slow

The second quarter of 2009 saw a reduction of 1% in the gross domestic product of the US economy which is less than the 1.5% fall which many analysts had forecast. Even though this means that the US economy has fallen in four consecutive quarters, there are signs that the slowdown may be coming to an end.

However, the picture with regards to consumer spending is a little more complicated with the 0.6% rise in the first quarter of 2009 reversed into a 1.2% decline in the second quarter of 2009. While there is still some way to go before we can claim that the US recession is over there is no doubt that the bellwether of the worldwide economy is starting to show signs of improvement although consumer spending is a vital element of any recovery phase.

In an unfortunate twist, the ratings agency Fitch has again criticised the UK government for its excessive use of debt over the recessionary period amid claims that the UK economy is the most exposed to further downside because of the runaway budget deficit. Even though the Triple-A rating is still in place, and is unlikely to change in the short term, finances the UK have never been weaker in recent times.

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