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But many economists believe the underlying data is pointing to deceleration in the country.
Trying to make sense of it all?
'Eventually the bond markets will say, 'Oh my God,' and instead of paying governments to let them lend them the money, like you now see with negative short-rates in various countries around the world, the bond market will say, 'Hey, you are going to cheat us. We know you are going to cheat us, now we want you to compensate us for that.' And the bond market or the currency market or a combination of the two will take the printing press away. That's how it will end. That will be the end of the 40 year experiment with all paper money.'
'While the consensus continues to expect growth of around 2.5% this year, the economy has entered a recession with GDP declining by as much as 2%.This would cause a sharp drop in income of companies, up 30% to 40%. Company margins (based on operating results) are now at their historical highs. Profit warnings should therefore be multiplied throughout the season for publications that summer that has just begun. Excluding financials, profits of U.S. companies have already begun to decline in the second quarter (-0.3% expected according to the consensus, Ed). And it is only the beginning!'
'Somebody has to spend more than their income, and, for the time being, that has to be the government,' says Krugman. 'My thinking has evolved ... If you haven't updated your views in the face of new experiences, you're not doing your job.'
'One substantive difference between this year and last is the household sector. As we have highlighted over the past month, consumer finances continue to improve. This makes us longer-term more constructive on the economy. Both household buying power and household liquid assets to liabilities are rising, and household debt to income continues to decline.'
'Like the great tide of the ocean, the primary trend of the stock market functions in its own way, this despite the desires of man. The Bible tells us of the instance when Jesus commanded the ocean to become quiet and the waves to die down. The ocean reacted exactly as Jesus commanded. All well and good, but it is well to remember that Ben S. Bernanke is no Jesus.'
'Like the passage of the Greek bailout plan in March, the plans' impact on the markets will prove temporary and short-lived. These plans do not solve the productivity gap among euro-zone countries, current account deficits, government deficits, unemployment, and capital outflows.'
'What we said back in December was that we thought the most likely start date for the recession would be in Q1, and if not then, by the middle of 2012. I'm here to reaffirm that. In other words, I think we're in recession already. As I said back there, it's very rare that you know you're going into recession when you're going into recession. It often takes some big hit on the top of the head. In the last recession it took Lehman to wake people up. In the recession before it took 9/11.'
'Among the positive indicators were June's employment indexes included in the national and regional business surveys. Both the manufacturing and non-manufacturing employment indexes were relatively strong at 56.6 and 52.3, respectively. The average employment index of the regional surveys conducted in several Federal Reserve districts also remained relatively high.'
'So, it's the perfect storm! You could have a collapse of the Eurozone, a U.S. double-dip, hard-landing of China, hard-landing of emerging markets, and a war in the Middle East. Next year could be a global perfect storm.'