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The US economy may not be growing at all, but it is not yet clear that it is falling into recession, former Federal Reserve chairman Alan Greenspan has told the Financial Times.
Mr Greenspan said: "The reason we have had this extraordinary volatility in stock markets over recent days is that there is extreme uncertainty about the financial and economic outlook."
But the former Fed chief said: "We seem to be getting some evidence of potential stabilisation in new home sales" - largely because the share of sales financed by subprime loans had already fallen to almost zero.
Also on the positive side, Mr Greenspan said: "The initial [unemployment] claims data are not signalling recession."