Come August, the American economy will be in recession for twenty one consecutive months, one of the longest in nearly 80 years, amid signs of economic stabilisation.
Officially in recession since December 2007, the US has seen a slew of unprecedented government efforts including a mammoth $787 billion bailout programme to boost the economy.
Even as the country continues to grapple with the financial turmoil, the Federal Reserve has indicated that the pace of economic deterioration has slowed down in recent times.
The latest Beige Book, published by the Federal Reserve that provides a snapshot of economic situation in various districts, noted that economic activity is slowly stabilising but at a lower rate.
". . . that economic activity continued to be weak going into the summer, but most districts indicated that the pace of decline has moderated since the last report or that activity has begun to stabilise, albeit at a low level," the Beige Book released on Wednesday said.
A better picture of the nation's economy would emerge when the official GDP figures for the second quarter are released this week.
In the first three months of 2009, the world's largest economy shrank 5.5 per cent whereas the GDP was earlier expected to contract over six per cent.