Will a Strong Dollar Stymie US Economic Recovery?
February 16, 2010 /EIN PRESSWIRE/ Thanks in part to the pressure Greece’s financial situation has put on the euro, the US dollar has seen a resurgence in value recently, hitting a 9-month high against the euro. However, what’s good for the dollar could be bad for the US economy and its quest to put people back to work.
The weaker dollar made US exports more affordable for importers, helping boost the US manufacturing sector. However, as the dollar rises in value, the exports become more expensive — and less competitive, putting a dent into President Obama’s goal of doubling exports over the next 5 years and creating 2 million jobs.
According to the Peterson Institute for International Economics, every 1% increase the dollar sees against other major currencies knocks US exports down by about $20 billion annually and leads to the loss of some 150,000 jobs.
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