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The US economy is back on the growth path

The US government is this evening looking towards the future with more confidence than it has for some time after the announcement that between July and September this year the US economy increased by 3.5%. After a year-long reduction in the size of the US economy this is a welcome turnaround and officially confirms that the US economy is out of recession.

There were a number of factors which came into play to bring about such a recovery which included renewed interest in the property market, a focal point of any developed world economy. However, there are still some sceptics in the US who believe that 2010 will be a very difficult year for the worldwide economy over all and could see a number of countries slip back into recession. There is also the fact that the US budget deficit is currently running at $1.4 trillion which gives the authorities very little room for manoeuvre in the short to medium term.

The news of the growth in the economy has been welcomed by stock markets around the world although the next few days will be crucial to see if investors follow through with their initial interest and buy into the story that the US economy is now "over the worst".

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