As a forecaster for ITR Economics, I could not be happier with the latest GDP release yesterday. ITR Economics has long been forecasting for a moderate improving trend in economic growth for 2012, and the direction of the rates-of-change is verifying our outlook. The second quarter numbers for the US economy are positive, showing a 2.3% gain versus 2Q11. There is a notable resiliency to the US economy despite poor conditions in Europe and a politically split domestic government that is could potentially derail the economy with billions in new taxes and cut spending come January 2nd. Yes, the uncertainty about the economy is certainly there - consumer confidence fell again last month - but when it comes to action and actual business practices, it appears the US is moving forward with increasingly solid footing.
Brian was well versed in domestic and world economics. I like his ability to create and demonstrate the relationship of indicators and business effects.