A leading figure for the central bank of the US has suggested that the country will escape recession in the third quarter of this year.

Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, has claimed that the North American superpower will begin to experience growth at the end of 2009, which will increase employment in the long-term.

US unemployment currently stands at 8.5 per cent, following the country's most severe recession in a decade, which was brought about by a collapse in the real estate market.

Mr Lockhart, who is also a voting member of the bank's monetary policy-setting committee, expects "tentative growth".

He said: "Today, the economy is still very weak, but there are some encouraging signs that support cautious optimism.

"My outlook calls for the beginning of a recovery in the second half of 2009."

Around 13.2 million Americans are currently unemployed, which is the highest figure in 26 years.© Adfero Ltd