WASHINGTON, Oct 29 – US Treasury Secretary Timothy Geithner said Thursday the recesssion remains "alive and acute" despite the economy emerging from a year of contractions with the strongest growth in two years.
"Unemployment remains unacceptably high for every person out of work, for every family facing foreclosure, for every small business facing a credit crunch, the recession remains alive and acute," he said.
The US Treasury\’s remark followed the Commerce Department\’s first estimate of gross domestic product in the third quarter showing growth at a seasonally adjusted 3.5 percent rate in the July-September period from the prior quarter.
The GDP gain was the first after four quarters of contraction and the strongest expansion since the 2007 third quarter, when a US subprime mortgage crisis triggered a global financial crisis that hammered the world economy.
The increase in GDP, the broadest measure of the country\’s goods and services output, marked the end of the worst recession since the Great Depression.