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The US economy is finally heading in the right direction, but there is a long way to go before ordinary Americans can feel comfortable.

It lasted just over a year.

The US economy has officially climbed out of the recession that tipped the world’s economy into free-fall.

But it is far too early to celebrate.

Consumer confidence is falling, spending is still considered low, and unemployment is tipped to rise into double digits.

Commentators admit the recovery will take years rather than months.

Problems in the US continue to stem from the slump in housing. Seeds of confidence in the recovering economy were washed away after statistics showed sales of new homes had fallen.

The response was immediate. Billions of dollars were wiped off global share markets.

The US economy is back in the black. Just.