The U.S. Economy: Slow Albeit Steady

From all indications, the U.S. economy seems to be moving sideways. The Consensus Outlook is calling for subdued growth over the next four quarters. Reasons for this include, but are not limited to, the debt crisis in Europe, a significant slowdown in the Chinese economy, and a lack of enthusiasm exhibited by both consumers and businesses in general. Dr. Rajeev Dhawan of the Economic Forecasting Center at Georgia State University’s J. Mack Robinson College of Business notes, in particular, slow personal income growth and weak job creation as main contributing factors. However, Dr. Dhawan does not believe the economy will fall victim to a crash landing; instead, he thinks it will settle into a sustained relatively slow growth period. Dr. Ray Perryman believes global disturbances continue to pose a risk for the U.S. economy and overall momentum is lagging to some extent. Nonetheless, the recovery appears to be in a sustainable recovery mode that will likely persist for the near future. John Silvia, Chief Economist for Wells Fargo, cited recent weak job numbers that reinforce the view that the U.S. economy will move forward at a subpar pace of growth into the foreseeable future. ...