Doubts Grow That U.S. Economy Can Sail Through Global Slowdown

By Christopher S. Rugaber, Associated Press

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