While fears of a double-dip recession precipitated by the European debt crisis recently have haunted Wall Street, the crisis actually appears to be boosting the U.S. economy by spurring dramatic drops in oil prices and interest rates that are helpful for struggling consumers.
A few analysts are attributing weak job growth last month in part to hesitation by employers concerned about the overseas debt crisis, but most economists echo the views of Federal Reserve Chairman Ben S. Bernanke, who testified Wednesday that he expects the economy to muddle through without a major hit from the troubles abroad.
"Odds of a double dip are remote; faster growth is likely," said Richard Berner, chief U.S. economist at Morgan Stanley.
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