The US economy has rebounded faster than expected but faces the threat of contagion from sovereign debt problems in Europe, the International Monetary Fund has warned.

In an advance summary of its annual health check of the US economy, the IMF said: “While still modest by historical standards, the recovery has proved stronger than we had earlier expected, owing much to the authorities' strong and effective macroeconomic response.”

The release of the report on Thursday was accompanied by a piece of good news about the US economy, which contrasts with a run of disappointing data. The number of Americans filing for jobless claims last week fell more than expected, offering some measure of comfort that the recovery in the labour market is advancing, albeit slowly.