US economy emerges from recession

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An advance estimate of gross domestic product (GDP) by the Bureau of Economic Analysis suggests that US output expanded at an annual rate of 3.5% in the third quarter.

But it may be too early to start celebrating, experts suggest say. Next week, employment figures are expected to show that people are still losing jobs, while many are predicting home repossessions will continue to rise.

The positive growth recorded in the third quarter is the result of a mix of government spending, increased exports and a upward tick in personal consumption, the Bureau said.

It ends a negative streak that lasted for four previous quarters, representing one of the longest recessions ever recorded in the US.

Last quarter saw the US economy contract by 0.7%

The Bureau stressed that the "advance" estimate is based on incomplete data that is subject to revision. As such many will wait until second estimates are released on November 24 before officially declaring the recession over.

But the overwhelming majority of economists will take the news as near confirmation of what they already believed - that at one point over the late summer months, the US moved back into positive territory.