Recovery Transitions Back To Normal

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    The global economy is transitioning back to a normal recovery with leadership from the U.S. and China 2013, says Joseph Carson, senior vice-president, director global economic research, at AllianceBernstein. Speaking at its ‘Economic Outlook Luncheon,’ he said uncertainties have weighed on global economies as global manufacturing contracted, confidence declined, trade volume trended down, and companies slowed spending. However, the impact on economies grew narrower with each event suggesting that economies are growing immune to event risk. Even with the so-called ‘fiscal cliff’ in the U.S., there was more talk about what companies were doing than what they did. The U.S. recovery is now in its 42nd month and the average length of economic recovery is 59 months.