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Box relief? US recession over

Box relief? US recession over

New York: Containerlines will be relieved by the news from the US where the recession is expected to be declared over on Thursday. However, economists insist that it is still too early to start celebrating.
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.
Experts are predicting GDP growth to show that the US economy is growing at around 3%.
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.
Containerlines have suffered enormously on the transpacific for the past 18 months. It was the first major tradelane to fall, and many polled by Seatrade Asia Online in recent months expected it to be the last to pick up.  [29/10/09]

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