The Wall Street Journal warns of another springtime stall in the economic recovery. The usual suspects are implicated.

Rising layoffs, falling home sales and slowing manufacturing activity are sparking fears that the economic recovery is headed for a springtime stall for the third year in a row.

Naturally, there’s an “on the other hand.”

But economists also noted important differences between this year and last. Oil prices, which were among the factors behind last year’s stall, have moderated in recent weeks. The European debt crisis, though still a risk, hasn’t surged to critical levels. And the world hasn’t seen a repeat of the natural disasters that disrupted global supply chains last year.

The New York Times also headlines economic fears. Again, the concern has more to do with uncertainty, fragility, than with any evidence of an enduring downturn. More a blip, characteristic of the halting progress of the last year.

Nevertheless, the United States is forecast to grow at a relatively sluggish pace of about 2.5 percent this year. And the global economic picture remains characterized by anemic growth and high unemployment.

The slim budget reserve in our state makes us particular susceptible to any prolonged slowdown. That’s another reason to celebrate the latest good news from Microsoft.