Recovery of the U.S. economy (the U.S.) began to strengthen. Ministry of Commerce, said first-quarter 2010 gross domestic product (GDP) grew 3.2 percent or higher compared to the same period in 2009 (year on year / yoy), which recorded 6.4 per cent contraction. U.S. President Barack Obama declared economic conditions much better than last year. Recent data successfully boosted confidence that a solid recovery occurs.
“The economy which last year lost a lot of workers are now starting to successfully create jobs. We started walking forward. Our economy is stronger,” Obama said at the weekend.
The U.S. government previously forecast growth below 3.2 percent, but economic expansion occurred for three consecutive quarters. American society began to shop more. This is further evidence that countries with the largest economy in the world started in the recovery phase from the worst crisis since the 1930s.
“The heart grow stronger economy,” said Obama.
Even though positive enough, many economists still worry about the growth rate is not sufficient to recover the eight million American workers are subject to termination of employment (FLE) in a crisis.
“GDP report is an important step in the path of recovery and does not mean U.S. citizens who lose their jobs are hard to find work,” added Obama.
Meanwhile, U.S. Deposit Insurance Agency (FDIC) said it has closed four banks lagi.Total FDIC banks that have closed this year to 41 banks and 181 banks since 2009. This four banks should be closed because of bad credit entanglement.
Total assets of four banks is USD1, 24 billion and third party funds (TPF) USD1, 1 billion. Two of the four banks are located in Georgia, Unity National Bank in Cartersville with assets of USD292, 2 million and McIntosh Commercial Bank in Carrollton (USD362, 9 million). Two other banks, Bank of Key West in Key West, Florida (USD88 million) and Desert Hills Bank in Phoenix, Arizona (USD496, 6 million)