Lower oil prices failing to bring usual benefits to US economy
JPMorgan Chase estimates price fall may have cut 0.3 of a percentage point off growth rate
Washington
IT HAS been a truism of the US economy for decades: When oil prices rise, the economy suffers; when they fall, growth improves. But the drop in oil prices in the last two years has failed to deliver the usual economic benefits.
As oil prices fell to levels not seen since 2003 - sagging below US$27 a barrel on Wednesday before rebounding to about US$30 on Thursday - many pundits now say they do not expect lower prices to bolster the US economy significantly in 2016.
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