We are starting to see reports of slow-downs in forklift sales in the US market as the property crunch begins to impact on the broader economy. And of course, there's speculation about a US-led recession - and that would affect us all. The good news, according to leading Chicago-based economist David Hale, is that Asian growth is probably sufficient to counteract the American downturn. Hale also told Australia's ABC television network this week that recession is far from inevitable in the US, with the economy likely to benefit from a number of measures already in place. A bigger threat to the global economy, he warned, is the cost impact of environmental compliance which will add to production costs everywhere. We'll all be watching closely ...