US economy continues recovery despite concerns over debt crisis in Europe

As Gary Locke, the US Commerce Secretary announced Monday, he has a firm belief the long-term health of the US economy would be positive despite concerns raised by the sovereign debt crisis in Europe.

“It's obviously a fragile economy and we're really feeling the effects of what's happening in Europe as well as some of the concerns on Asia, but the fundamentals of the US economy are strong,'' Locke said.

Being optimistic he also added that consumer confidence is to move up, manufacturing orders - up, production - up, hours - up. Even the employment figures have been up for the last five months in a row, Locke said.

However, the Secretary assumes that private sector job growth in the May US employment report was not "as much as we would like.''

But US economic growth for 2010 will be in "positive territory, perhaps around 3% growth, compared to ... 2008 when it was negative 6% growth,'' Locke stated.