UNITED STATES

摘要

Spring Slowdown Expected The second Q1 release showed activity slowing more than initially thought, downgraded from the 2.2% (q-o-q annualized) figure announced at the end of April to 1.9%. This follows a robust 3.0% rate of expansion in the final quarter of last year and has renewed fears that the economy may be faltering again (see chart below). The Q4 2011 figure was inflated by restocking during the holidays but it was inevitable that, going forward, firms would run down stockpiles instead of ramping up output again in order to meet demand. Still, the economy has struggled to regain traction since the onset of the financial crisis. This is underscored by an indifferent jobs market over the past 5 years.