Greenspan Indicates 'Fairly Marked Turnaround' in US Economy

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Last updated at: (Beijing Time) Wednesday, June 04, 2003

Greenspan Indicates 'Fairly Marked Turnaround' in US Economy

US Federal Reserve Chairman Alan Greenspan indicated Tuesday that a "fairly marked turnaround" is emerging in the US economy, according to a media report on Tuesday.

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US Federal Reserve Chairman Alan Greenspan indicated Tuesday that a "fairly marked turnaround" is emerging in the US economy, according to a media report on Tuesday.

Although economists are still viewing the US economy in different ways, Greenspan, the economic guru in the United Stateson Tuesday told a conference of top central bankers in Berlin thatdata for May suggest the economy has "stabilized."

"We are stabilizing and there is some indication of return, butit's not at this stage by any means clear," an AP report quoted him as saying.

Although there was still some caution in his remarks about the economy, Greenspan noted the recent rally of the US stock market and the increase of productivity, which are believed to be among positive factors in the US economy.

In addition, US tax cut taking effect on July 1 is expected to boost consumer spending and feed into the job market.

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