China and India rising, but US doing fine for the moment

This really is a matter of time, of course, if for no other reason than that they are big.

China, India rival U.S. competitiveness
China and India rivals the United States when it comes to business competitiveness, and the Asian countries may soon surpass American rivals in technological innovation, according to a new survey. More than 300 executives who participated in the study...said Chinese companies were nearly as formidable competitors as U.S. firms... [T]he competitive threat posed by Chinese and Indian companies would likely intensify in the next two years...

However, for the moment, the world still depends on the US for demand. And that demand appears to be holding up reasonably well.

New orders for durable goods in the US fell 0.9 percent in January as demand for autos and civilian aircraft fell, mainly from a 5.3 percent plunge in transportation equipment orders, according to a Commerce Department report. However, excluding the transport category, durable goods orders rose 0.8 percent. Even more promisingly, civilian capital goods orders excluding aircraft grew 2.9 percent.

The US economy may not quite be firing on all cylinders, but it's not exactly rolling over either.