With the release of the GDP figures for the
second quarter of 2014 (along with revisions
to the data back to 1999), the disconnect
appears to be fading.
The data released so far for the third quarter
suggest that the underlying economy had
decent momentum as the third quarter began.
The data continue to suggest that the U.S.
economy is poised to post growth in the
second half of 2014 above the long-term run
rate of the economy.