Positive Signals in US GDP

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 U.S. economy are positive, showing a 2.3% gain versus 2Q11. There is a notable resiliency to the U.S. economy despite poor conditions in Europe and a politically split domestic government that could potentially derail the economy with billions in new taxes and spending cuts 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 U.S. is moving forward with increasingly solid footing.