The US government makes three estimates of economic activity for any given quarter. Each is based on more complete data. Tuesday's report was the second reading of the third-quarter GDP data.

Economists say that the worst recession since the 1930s is very likely over, but the economy's return to good health will take time, and the growth probably won't be strong enough to quickly drive down the nation's unemployment rate, which reached 10.2 percent in October. That was the second time in the post-World War II period that unemployment has topped 10 percent.

Many economists predict that the most probable scenario in the next year will be a slower growth of less than 2 percent as the impact of the US$787 billion stimulus package fades and consumers are still reluctant to spend.

US President Barack Obama said again Monday that 2009 has been a sobering year for millions of newly unemployed people.

"We cannot sit back and be satisfied given the extraordinarily high unemployment levels that we've seen," Obama said, "We have only taken the first step in curing our economy."

But the president said that the nation's economy is in good shape for the long term thanks to "core strengths" such as its universities, its innovation and a dynamic workforce.

Obama also asked people to be patient about the economic recovery.

What's not clear now is whether the recovery can continue after government supports are gone.

Obama recently cautioned that the economy could suffer a "double dip" downturn.

Federal Reserve Chairman Ben Bernanke also warned that the recovery faces "important headwinds," such as tight credit and a weak job market that will make consumers cautious in their spending.

Some economists think the jobless rate could climb as high as 11 percent by the middle of next year before making a slow descent. It could take at least four years for the unemployment rate to drop back down to more normal levels.

Against that backdrop, Obama announced a job summit on December 3 to invite experts from different sectors to help the government create more jobs.

Paul Krugman, a Nobel Economics Prize laureate said the government needs a new round of stimulus to keep the economic recovery going.

But others warned that it will worsen the nation's already dangerous federal debt burden, which was recorded at US$1.42 trillion in the 2009 fiscal year ended September 30.

Critics said that the Obama administration's economic policies were not as effective as the government's expectations. They believed that the growth in the third quarter was because of the economy's self strength of recovery.

A Republican congressman even asked Treasury Secretary Tim Geithner to resign during a hearing last Friday, saying the publich as lost confidence in the government.

(Xinhua News Agency November 25, 2009)