The U.S. economy is not much worse than it has been, and may even be a touch better, as shown in a slight increase in output for the second three months of this year. The first estimate of GDP for the second quarter showed a 1.7 percent increase in output of goods and services, compared to 1.1 percent in the first quarter.
Meanwhile, in other economic trouble spots, the economy in Greece is "rebalancing," according to the International Monetary Fund, albeit through recession, and not structural reform. High unemployment and political instability continue to be problematic.
In Cyprus, a recovery program is "on track," the IMF said, through cutbacks and a "prudent" budget. However, the forecast is for an overall contraction of GDP by some 13 percent through next year, with a "difficult" short-term outlook.
In America, personal income rose 3.4 percent after falling 8.2 percent, according to the Bureau of Economic Analysis. Prices, however, rose 0.3 percent in the second quarter after rising 1.2 percent in the first three months of this year.
Throughout Europe, "extreme market stresses," as the IMF put it, have subsided. Taken as a whole, however, the news is cautionary. There's some cause for optimism, but not enough for a celebration.
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