US recession set to end officially

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When gross domestic product (GDP) estimates for the third quarter are released they are likely to report that the economy is growing again, ending one of the deepest slumps since the Great Depression.

Encouraging though that might be, it will come as little comfort to the millions of people left unemployed or who have lost their homes as a result of prolonged economic downturn - especially as economists suggest that more jobs and houses are to go before real improvement is realised.

The good news is that the majority of experts agree that the recession is now over and that the figures will confirm this. Most are predicting it to show that the US economy is growing at around 3%.

More encouraging is the belief that it should lead to a prolonged period of growth.

A recent survey of economic forecasters by research firm Blue Chip Economic Indicators found that the majority believe quarterly GDP figures would remain positive throughout 2010.

The bounce-back from the red is likely to be taken by supporters of President Barack Obama as evidence that his massive stimulus package has been a success.

Josh Bivens, of the Economic Policy Institute, said much of the growth expected to be seen in the figures can be credited to the effects of the president's American Recovery and Reinvestment Act.

But away from the headline growth figures, things are not so rosy. Joblessness in the US is hovering at around 9.8% and experts suggest it will get worse before Americans start to see job queues dwindle. Many forecasters are suggesting that it could hit double figures when new data comes out next week.

Since the start of the recession in December 2007, some 7.6 million people have been laid off. In all, 15.1 million people are now classified as unemployed in America.