Are we there yet?
We're getting close.
A few weeks ago, the economic diagnosticians said things would likely improve through the rest of the year. This time, they may be right. A new estimate of American output for the second quarter put the Gross Domestic Product increase at 4.6 percent, higher than the 4.2 percent in the earlier estimate, a major turnaround from the drop of 2.1 percent in the first quarter.
Why? People are spending, buying more stuff as business produces more. Officially, a statement from the Commerce Department's Bureau of Economic Analysis said the increases primarily reflected upturns in exports, inventories, state and local government spending, and housing.
So while folks who have jobs may be spending more, thus helping the economy, there are still many others who either don't have jobs or are falling behind as prices go up and their income levels are steady.
The good news, however, is that the American economy is on an upward trend. The not so good news is that much of the rest of the world is not.
Stay tuned.
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