11.   The U.S. economy has avoided a recession.

12.   Thus, even if the domestic economy avoids recession, no one expects a layoff-free climate.

13.   Also speaking in Parliament, Bank of Japan Governor Masaru Hayami also said that the Japanese economy will likely avoid falling into a deflationary spiral.

14.   Analysts also said before the report that smaller increases in the inventory buildup are a healthy sign the economy likely will avoid a recession despite dramatically slower activity.

15.   Analysts said the report confirms that the economy has avoided recession but said they expect only moderate growth at best for the remainder of the year.

16.   But both the Germans and the French said their economies would avoid recession.

17.   Confidence that the economy can avoid a recession got a boost last week when the Federal Reserve decided to trim short-term interest rates.

18.   Greenspan has said that whether the economy avoids a recession will depend on consumer confidence.

19.   Orr said the bounce in the NAPM index makes it far more likely that the overall economy will avoid a recession.

20.   Despite this problem, the report said the Southeast Asian economies had avoided experiencing significant increases in inflationary pressures at present.