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Geithner: Economy on the mend, despite recession remaining 'alive and acute' for some

Geithner says economy on the mend

By ANNE FLAHERTY | Associated Press | Oct 29, 09 9:44 AM CDT in Business 

Treasury Secretary Timothy Geithner said he sees positive signs that the economy is recovering, although the recession remains "alive and acute" for families dealing with unemployment and facing home foreclosure.

House Financial Services Committee Chairman, Rep. Barney Frank, D-Mass. presides over the committee's markup on pending legislation, Thursday, Oct. 22, 2009, Capitol Hill in Washington. (AP Photo/Harry Hamburg)
House Financial Services Committee Chairman, Rep. Barney Frank, D-Mass. presides over the committee's markup on pending legislation, Thursday, Oct. 22, 2009, Capitol Hill in Washington. (AP Photo/Harry...   (Associated Press)
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass. talks to committee member Rep. Maxine Waters, D-Calif. on Capitol Hill in Washington, Thursday, Oct. 22, 2009, during the committee's markup on pending legislation. (AP Photo/Harry Hamburg)
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass. talks to committee member Rep. Maxine Waters, D-Calif. on Capitol Hill in Washington, Thursday, Oct. 22, 2009, during the committee's...   (Associated Press)
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass. talks to committee member Rep. Maxine Waters, D-Calif. on Capitol Hill in Washington, Thursday, Oct. 22, 2009, during the committee's markup on pending legislation. (AP Photo/Harry Hamburg)
House Financial Services Committee Chairman Rep. Barney Frank, D-Mass. talks to committee member Rep. Maxine Waters, D-Calif. on Capitol Hill in Washington, Thursday, Oct. 22, 2009, during the committee's...   (Associated Press)
Treasury Secretary Timothy Geithner speaks during the Securities Industry and Financial Markets Association conference, Tuesday, Oct. 27, 2009, in New York. (AP Photo/Frank Franklin II)
Treasury Secretary Timothy Geithner speaks during the Securities Industry and Financial Markets Association conference, Tuesday, Oct. 27, 2009, in New York. (AP Photo/Frank Franklin II)   (Associated Press)
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In testimony before the House Financial Services Committee, Geithner said that Americans were saving much more and borrowing less from the rest of the world.

The economy grew at an annual rate of 3.5 percent in the third quarter of this year, the strongest rate of growth seen in two years.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) _ Treasury Secretary Timothy Geithner said he sees positive signs that the economy is recovering, although the recession remains "alive and acute" for families dealing with unemployment and facing home forceclosure.

In testimony before the House Financial Services Committee, Geithner said that Americans were saving much more and borrowing less from the rest of the world.

The economy grew at an annual rate of 3.5 percent in the third quarter of this year, the strongest rate of growth seen in two years.

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