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"But it is critical that the timing and pace of consolidation in each economy suit the needs of the global economy, the momentum of private sector demand and national circumstances." The recovery from recession in the United States has been erratic and uneven. The economy is expanding, but at a weaker pace than in many previous recoveries. The Commerce Department reported that the nation's gross domestic product
-- the broadest measure of economic output -- grew at a 3 percent annual rate in the January-to-March quarter. That was down from the 5.6 percent pace in the fourth quarter of 2009. After the last deep recession in the early 1980s, the economy grew at a pace of 7 percent to 9 percent for five straight quarters. The national unemployment rate continues to cover near double-digit levels.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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