24 October 2001, 08:29 O'Neill says US economy beginning to see recovery
WASHINGTON (AFX) - Treasury Secretary Paul O'Neill said the US
economy is beginning to see a recovery and he expressed confidence that
it will return to being the engine for global growth.
"We're beginning to see a recovery," O'Neill told a Coalition of
Service Industry conference here.
"I have absolute confidence that our economy has the underpinnings
to be the engine of economic growth for the whole world that we need to
be," he added.
He cited data showing a rebound in air travel, saying the figures
show "75 pct of the passengers flying that we had a year ago."
"That's important because it has collateral carrying power in the
hotels and restaurants and rental car agencies," O'Neill said.
He also cited retail sales figures released last week which showed
a 0.5 pct year-on-year increase, while automobile sales are running at
over 18 mln units annualised.
"We are going to be fine," he said.
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