In his opinion the likelihood of a so-called double-dip recession in the United States has waned, Ex-Federal Reserve chairman, Alan Greenspan, said on Sunday.

Greenspan said in an appearance on ABC's "This Week" news program, "I think the odds of that have fallen very significantly in the last two months."

He doesn't think it's impossible by any means to foresee job growth kicking upward toward the 300,000-a-month range, Greenspan further said.

He further added, "There is a momentum building up which is really just beginning, and it's got a way to go."

It was also noted by him that Americans are moving back toward consumption mode after pulling back when they saw their retirement funds evaporate. He also cited "fairly substantial" increase in corporations' investment in equipment.

Greenspan further elaborated, "But most important of all is this incredible increase in the difficulties -- I should put it this way -- the increase in the lead times that it takes purchasing managers to get new materials for inventories. What that necessarily means is that they're going to have to build inventories to protect their production lines at an ever-increasing pace. And that is a self-reinforcing cycle."

It was also mentioned by Greenspan that he didn't think there would be a significant downturn in commercial real estate and that the momentum for job creation should continue at least into late this year, two reasons to think the U. S. economy won't slump back into recession. (With Inputs from Agencies)