Josh Feinman, Deutsche Asset Management’s Chief Economist in the United States, has released his June 2008 run down on the US economy. Some of the main points are as follows:
The U.S. economy continues to struggle, weighed down by the combined effects of three formidable shocks: the housing slump, the credit crunch, and the spike in energy prices, the latter of which is not only depressing activity but also putting upward pressure on inflation.
Credit markets have improved considerably, though, as fears of a collapse of the financial system and a sharp deterioration in economic activity have greatly receded. Still, credit conditions remain more restrictive than a year ago, and bank lending standards continue to tighten.
Also, the downshift in housing continues, with activity and prices still falling while foreclosures and delinquencies rise. And the run-up in energy prices has persisted, heightening concerns about "stagflation".

To download the full report, click here.