WASHINGTON -- Consumers, fueled by job growth, cheaper gas and
higher home values, would drive the U.S. economy through a global slump.
That was the widespread hope just a few months
ago. Now, doubts are growing that the United States can withstand
economic pressures flowing from overseas.
Economies in China, Canada, Brazil and Europe are struggling. Canada, the largest U.S. trading partner, is in recession.
Americans have been holding back on spending
even though lower gas prices have put more cash in their pockets.
Employers have slowed hiring and held down pay. Home sales have
flattened. And the U.S. economy has been hobbled by a stronger dollar,
which makes U.S. goods costlier overseas and is depressing corporate
profits.
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Source: NBC News
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