U.S. economy treading water amid a sea of disappointing global activity

•  Economic activity wanes across the globe, with risks tilted downward

•  Europe remains mired in intensifying debt crisis; economic recession deepens

•  U.S. economy remains weighed down by lackluster consumer demand, reticence of businesses to spend and hire, and high inventory levels

•  Slowdown in China, and even the unlikely hard landing scenario, should impact U.S. corporate earnings more than the overall economy