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And a weaker global economy dampened demand for American exports.
"But was it enough to offset higher costs and a weaker euro?
Employment is up, shoppers kept spending and a weaker pound has boosted UK tourism.
Order books deteriorated and a weaker pound, which makes UK imports more expensive, raised cost pressures.
In the meantime, monetary stimulus and a weaker currency will support growth.
A combination of increased asset prices, lower real wages and a weaker currency will boost profits.
Lower interest rates and a weaker pound will help the economy self-stabilise".
Falling wage and energy costs, and a weaker euro, have improved competitiveness.
And a weaker dollar would boost Hong Kong's banking and property sectors.
Employment in America, by contrast, suffered a more dramatic decline and a weaker recovery.
Russia has adjusted to falling prices by cutting spending and a weaker currency.
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