Regional Specialists Review November 2012
In looking at the broad landscape, the global economy continues to grow moderately. The U.S. appears to be rebounding mildly from a weak summer, driven by housing and the consumer while being held back by a slowing manufacturing sector impacted by a recession in Europe, slower growth in emerging markets and the failure of U.S. political leadership on the budget.
If you're inclined to see the glass as half full, you'll likely note the early strengthening of foundations in peripheral European countries that were previously deteriorating (with emphasis on "early"). You'll also sense gradual stimulus in China after its change in leadership and improvement in other emerging markets. And you'll detect, perhaps, a faint but audible improved tone to the dialogue between Republicans and Democrats in the U.S.