Farther to the west, US economic performance is weakening, with first-quarter growth a miserly 1.9 per cent - well below potential.
And job creation faltered in the past two months, so the US may reach stall speed by year end.
Worse, the risk of a double-dip recession next year is rising: Even if what looks like a looming US fiscal cliff turns out to be only a smaller source of drag, the likely increase in some taxes and reduction of some transfer payments will reduce growth in disposable income and consumption. - in Today Online
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Nouriel Roubini is an American economist. He teaches at New York University's Stern School of Business and is the chairman of Roubini Global Economics.
