The Economy Settles into Cruise Control

By Michael Englund

Steady as she goes: Despite big gyrations in the monthly U.S. economic data for May and June, the numbers have stabilized in support of Action Economics' estimate of 4% growth in second-quarter gross domestic product, due in a report July 30. That figure is within 0.1% of the two preceding quarters' growth rates. The ride hasn't seemed all that steady, but this is due largely to swings in perceptions rather than actual data.

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