The U.S. economy

During the past year, the US economy has essentially been in survival mode. The housing sector has cut overall growth by close to 1%. A rough rule of thumb has been that a $10 increase in the oil price will cut growth about 0.5%. Assuming that the economy has a sustainable growth of a little over 3%...

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Bibliographic Details
Published in:Indiana business review 2007-12, Vol.82 (4), p.4
Main Author: Witte, Willard E
Format: Article
Language:English
Subjects:
Consumer Price Index
Consumption
Economic aspects
Economic conditions
Economic forecasts
Economic growth
Economic indicators
Electric utilities
Energy economics
Energy industry
Energy prices
Federal Reserve monetary policy
Forecasts and trends
GDP
Global economy
Gross Domestic Product
Housing prices
Housing starts
Labor market
Unemployment
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Summary:During the past year, the US economy has essentially been in survival mode. The housing sector has cut overall growth by close to 1%. A rough rule of thumb has been that a $10 increase in the oil price will cut growth about 0.5%. Assuming that the economy has a sustainable growth of a little over 3%, it would have been easy for growth this year to have come in at a life support level around 1%. The crucial household sector will face pressures from several directions, but will not collapse. While there are definitely risks, there are enough positive signs to sustain moderate economic growth.
ISSN:0019-6541