Chances of double dip recession receding

November 8, 2010

, NEW DELHI, Nov 8 – US Treasury Secretary Timothy Geithner said Monday that chances were lower of a "double-dip" recession in the United States than at any time in the last 12 months.

"Things are gradually getting stronger in the US," Geithner told a business audience in New Delhi, where he was accompanying US President Barack Obama on an official visit.

"Chances of a double-dip recession look lower than they have been over the last three, six to 12 months," he said.

"The basic tone of the numbers suggest some modest strengthening of growth," he said.

Geithner\’s comments came after US figures earlier in the month showed that the country saw a mini-jobs boom in October, snapping a four-month streak of payroll losses.

The Labor Department reported a surprising 151,000 non-farm jobs were added in October but the addition was too weak to dent the high unemployment rate which remained unchanged at 9.6 percent for the third month in a row.

The US has recovered once from recession, but economists had feared it could again begin contracting — known as a "double-dip" recession.


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