US Financial System Appears To Be Healing
Written on June 1, 2009 – 7:51 am | by myhectorfinance
US Financial System Appears To Be Healing
http://www.reuters.com/article/GCA-Economy/idUSSP46890020090520
US Treasury Secretary Tim Geithner has said that although the US financial system appears to be healing, the contractions in the economies of Japan and Mexico indicate that global recovery is still far away. The efforts by the US government to bailout the country’s financial system have started yielding results and the healing process has started, Geithner says. Even the US Federal Reserve has said that modest improvement was visible in the US economy. The authority, however, expects the US economy to contract by 1.3%-2% this year with the unemployment rate expected to rise to between 9.2% and 9.6%. Geithner says the US economy continues to face a very challenging economic environment and there is an urgent need preserve resources to deal with any future contingencies.
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