US Treasury Secretary Mr Paul O'Neill said today the US economy was working through a correction but continued to grow modestly.
"I would say right now we continue to operate at a modest level of real growth. And we're going through a correction phase that's working its way through," Mr O'Neill told reporters after a Cabinet meeting on the fiscal 2002 budget.
He said the medium- and long-term potential of the US and global economy was "monumental."