Brendan Keenan: US recovery is on the way as broken banking system fixed
Published 23/02/2012 | 05:00
PERHAPS it wasn't so special after all. The recession, I mean. Okay, it is pretty special here. Not everyone can boast an insolvent banking system and a huge construction bubble and burst as well.
They can in the US, if not quite on the same scale. So it is odd that the figures from America suggest that a recovery is well under way and that, on the face of things, it is a pretty typical recovery too. Nothing special.
A recovery may be judged by its timing and strength. US output began to grow again in the second quarter of 2009, marking the start of this recovery. GDP is now 6pc higher than it was back then.