WASHINGTON, Sept 30: White House economic adviser Glenn Hubbard on Monday said the US economy is in recovery, with the long-awaited rebound in business investment likely to kick in during the fourth quarter.

“The economy has a recovery that’s underway,” Hubbard said in remarks to the National Association of Business Economics conference here, adding that his view is in line with private-sector economists. He also said: “I do believe that we will see an investment recovery coming in the fourth quarter.”

Administration and Fed officials have pointed to a business investment recovery as a key ingredient to a sustained economic rebound, after consumer spending drove the economy for most of the past year.—AFP