Silver rallied to a spot delivery price of just under $4 an ounce yesterday on New York's Commodity Exchange, extending a recovery driven by perceptions that the recession is easing.

Once the recession eases, he said, governments will expand their services, and their job rolls, as they have for more than two decades.

Mr. Guild said that a recession could ensue if the Fed waits until December, or later, to ease rates.

"That aside, I do hope that this is helping to strengthen the brand and as the recession eases, I will be able to move back to my original plans."

Mr. Butler and Mr. Estrin said they were still ready to sell Foxmeyer for "the right price" when the recession eased.

In a survey taken in February of executives at 264 Japanese companies, 42 percent said the recession would ease in the second half of 2002.

The oil industry has underperformed the broader market this year, but many analysts believe that as the recession eases, oil stocks will recover and actually outpace the market as a whole.

Fast-food jobs in some parts of the state have often proved hard to fill, although the recession has eased that somewhat, and employers have had to offer salaries above the minimum wage.

Major markets jumped by 2pc or more after tumbling on Friday amid fears Dubai's debt problems could lead to more financial instability just as the global recession is easing.

Now, with the recession eased and the PATH train connection between the two financial districts rebuilt, the Jersey City waterfront is moving forward again.