The deleveraging cycle has come to an end for the private sector, but it is just a start for the public sector since the 2008 financial crisis. We saw a rebound of US real estate market in 2012. Total consumption is also recovered slowly, mainly on the durable goods. There is marginal improvement in household income and unemployment. We expect a weak recovery of US economy in 2013. A tough austerity and the retreat of monetary policy will be the most important threat to the economy. Reindustrialization of America and export enhancement strategy, proposed by the Obama administration, will reshape the US economy in the long term. Also the energy revolution will provide a positive push on the supply side, which will significantly affect the world energy price as well as the trade pattern in the future. <<