“Consumers are struggling. The housing market is in worse shape than ever, and manufacturing is fading. Economic growth is far undershooting the upbeat expectations at the beginning of the year, even as global growth is slowing sharply. Now, amid new signs that job growth is cooling off, the first-quarter’s weakness is extending into the second quarter, and economists are once again ratcheting down their 2011 forecasts. Is the recovery in trouble?
It’s a wave of worry that’s giving investors agita. Stock prices have tanked more than 5 percent since early May, as economic data turned sour, and it looks like the economy’s woes run deeper than expensive oil and Japanese supply disruptions. The growing fear is that troubles in consumer spending, housing and job creation could limit growth for some time. The fiscal stimulus and monetary support offered by policymakers — have not resulted in the level of economic growth that would create jobs, and it’s not likely that the government will open its checkbook again anytime soon…..”
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