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The US economy has been hit by a new series of setbacks, with a slump in consumer spending, another drop in the dollar and oil prices hitting a new record increasing fears of recession.
The US dollar on Friday fell below the Swiss franc for the first time ever.
The dollar briefly dipped to 0.9986 francs in international trading before rising above parity again.
Bush admission
Trying to calm jitters about the economy, George Bush, the US president, has conceded that the country "obviously is going through a tough time" but expressed confidence about a rebound.
In a speech to The Economic Club of New York on Friday, Bush said this was not the first time the economy has been rattled and he is certain that it will ride out its troubles.
"Every time, this economy has bounced back better and stronger than before," Bush said.
He said unemployment was low at 4.8 per cent and productivity was strong. But he acknowledged that petrol prices are up while grocery stores and housing values are down.
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