US is not in recession, says US Treasury O'Neill

UNITED STATES - The U.S. economy continues to expand moderately, successfully skirting recession, and in fact doing remarkably well in terms of providing job opportunities, Treasury Secretary Paul O'Neill said on Apr 9.

Interviewed on CNN's "Moneyline," O'Neill said Mar 2001 4.3 percent unemployment rate reported on Apr 6 by the labour department was actually very favourable. The rate was up from 4.2 percent in Feb 2001 as 86,000 jobs were lost.

But O'Neill said the rate remained relatively low.

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