The US economy is still in decline but results from a new survey show evidence the recession is abating as more companies see rising demand for their products, taper plans for job cuts and report profit margins on the uptick.

The latest quarterly survey by the National Association for Business Economics, released yesterday, indicates that the economy is at an inflection point, but not quite a turning point, said Sara Johnson, NABE's lead analyst on the survey and an economist at IHS Global Insight.

However, she said, the results show the recession is abating.