Recovery on, says US Treasury chief

12 April 2012

THE American economy is in 'the fledgling stages of a significant recovery', claims US Treasury Secretary Paul O'Neill.

He spoke as a closely watched economic indicator posted its strongest gain in six years. The Conference Board index of top economic barometers jumped 0.6% in January, its fourth consecutive monthly rise. Its chief economist hailed the 'gathering economic momentum'.

The optimistic news sent the Dow Jones index of Wall Street's blue-chip shares surging briefly above the landmark 10000 level.

America tumbled into recession last year for the first time in a decade. The aftermath of September 11 deepened the downturn, which has cost 1.4m jobs.

O'Neill says the Bush administration expects a rebound strong enough to restore the federal budget to surplus.

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