BNY Mellon calls end to recession
Big US institution Bank of New York Mellon (BNY Mellon) has called an end to the US recession.
BNY Mellon chief economist Richard Hoey has used his latest economic update to assert that, in his opinion, the US recession is over and, furthermore, the global recession has ended, with economic recovery having begun in Asia and spread to most major countries.
However, Hoey has warned that despite the recession having ended recovery will be slow, with the level of economic activity and employment in most countries remaining substantially lower than it was at the cycle peaks for an extended period of time.
“The news on the change in economic activity should be positive, but the news on the level of economic activity and employment is likely to remain negative,” he said.
AUTHOR
Mike Taylor
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