STIGLITZ SAYS U.S. RECESSION “NOWHERE NEAR” END AFTER GDP JUMP

By Daniel at 2 November, 2009, 10:37 pm

Oct. 31 (Bloomberg) — Nobel Prize-winning economist Joseph E. Stiglitz said the U.S. recession is “nowhere near” an end and the economy’s third-quarter growth rate of 3.5 percent, the first expansion in more than a year, won’t carry into 2010.

While this week’s figures on gross domestic product are “very good,” the numbers would be “miserable” without stimulus measures enacted by the Obama administration, Stiglitz said today at a forum in Shanghai. He urged the U.S. and other countries not to pull back on efforts to shore up economies.

…article continues…

http://www.bloomberg.com/apps/news?pid=20601068&sid=aNiwcXqjCcY4