US recession 'to be declared over'

The US recession will officially end today, it has been predicted.

Data from the country's government is expected to show that the economy stopped contracting and began growing again between July and September.

A poll of 79 economists by Bloomberg found the median estimate was for an annualised rate of 3.2 per cent growth.

Commenting on this expectation, economist at Bank of Tokyo-Mitsubishi UFJ in New York Chris Rupkey told the news agency: "At this stage the numbers are just going to tell you the recession is over and now the argument is going to centre on the speed of the recovery."

An end to the US recession could be good news for those keen to buy US real estate there, as an upturn may help property prices to go up as conditions such as employment levels start to improve in the months ahead.

Ensuring the recovery is lasting and that another crisis does not recur means there must be more regulatory reform, Federal Reserve chairman Ben Bernanke remarked last week.

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