US economy grows
30th October 2009
The United States economy began growing again in the third quarter of the year, according to new official figures. The economy grew by 0.9%, an annual rate of 3.5% which is the first sign of improvement in more than a year.
Reporter:
Andrew Walker
Click to hear the report: http://www.bbc.co.uk/worldservice/learningenglish/language/wordsinthenews/2009/10/091030_witn_us_economy_page.shtml
Figures suggest the recession in the US is over and a recovery underway. Spending by consumers increased for most types of goods and services, including cars. Business investment also rose for the first time in two years. But there are concerns that this improvement is too dependent on government spending, such assubsidies to replace old cars. Certainly the US Treasury Secretary, Tim Geithner, was not ready to claim victory in tackling the recession.
Tim Geithner: ‘This is just a beginning. Unemployment remainsunacceptably high. For every person out of work, for every familyfacing foreclosure, for every small business facing a credit crunch, the recession remains alive and acute‘.
Among the other leading developed economies, France, Germany and Japan returned to economic growth three months earlier than the US, though the downturn was deeper in Germany and Japan. Britain is the only other major economy to report its performance for the third quarter. Unlike the US, Britain showed a continued decline. The global picture is thus one of a widening recovery. But it has not reached everywhere and it is not particularly strong.
Vocabulary
a recovery underway: the process of getting the economy back to its previous healthy condition has begun
consumers: people who buy goods
dependent: reliant on the actions of others
subsidies: money given (usually by the government) to help to pay for something
claim victory: declare or tell everyone that he has been successful
tackling the recession: dealing with and trying to find a solution to the economic
difficulties of the country: unacceptably high
too great to be accepted or approved of: facing foreclosure
dealing with the prospect of losing their houses because they: cannot afford to pay back the loan the bank gave them to buy it
remains alive and acute: is still happening and is still extreme and causing lots of problems for people
a continued decline: still getting worse, not improving
