Overseas jitters may derail fragile US economic recovery – group

02 March 2012 20:14  [Source: ICIS news]

HOUSTON (ICIS)--Overseas headwinds remain the top threat to US economic recovery, an industry group said on Friday.

The week’s economic indicators pointed to continued US recovery, with a job market slowly rebounding and slightly improving incomes, the American Chemistry Council (ACC) said in its weekly economics report.

Additionally, vehicle sales rose to their highest level in four years, and manufacturing continued to expand.

But the economic situation abroad is much more dire.

“Overseas, the situation in Europe continues to worsen,” the ACC said. “New data show the unemployment rate is at a 15-year high and inflation appears to be picking up.”

The Japanese economy continued to falter, with lower household spending and deflation.

The ACC said waning demand in Asia and oil market jitters could also slowdown US economic recovery.

By: Bobbie Clark
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