Sunday, July 22, 2012

We?re Not Even Close to a Robust Recovery

Even this year, the consensus got it wrong, expecting a recovery to annual GDP growth of better than than 3 percent. But the first-half growth rate looks set to come in closer to 1.5 percent at best, even below 2011?s dismal 1.7 percent. And now, after getting the first half of 2012 wrong, many are repeating the fairy tale that a combination of lower oil prices, rising auto sales, recovering house prices, and a resurgence of U.S. manufacturing will boost growth in the second half of the year and fuel above-potential growth by 2013.

Source: http://feeds.slate.com/click.phdo?i=3255795182fc5b933cd2939129e146f5

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