Back in 2009, companies turned to China to prop up a shaken world. Now, with decades-high inflation in many countries, they’re looking for the United States to do the heavy lifting. GinaChon petesweeneypro
, and pushed quarterly GDP growth to a blistering 11.9% by the end of 2009. Since most of the non-commodity demand was created inside China’s borders, however, its effect on overseas job creation was limited.
In contrast, the United States is stepping up now to provide some relief. Aided by government stimulus funds, U.S. households have about $2.5 trillion in excess savings, according to the Brookings Institution nonprofit research outfit. All that cash is partly why retail sales unexpectedly rose 0.6% in July from the previous month on an inflation-adjusted basis, according to Commerce Department data released earlier this month.
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