US economy 'not in recession'

The manager of the Gartmore Investment Management's US Opportunities and the Gartmore SICAV US Opportunities funds said: "While the statistics show considerable slowdown in the US economy, at least it does not meet what economists would classically define as a recession." He added: "Equally, we note that, while employment has been weakening, the figures have not come near to suggesting recession conditions. "Some analysts had predicted that GDP would weaken more, possibly slowing to a pace of just 0.5pc." Gilchrist also asserted that US economic fundamentals were sound and that measur...