I wrote a few weeks ago that despite the news media proclamation and the consensus of economists that we were in a recession (or a depression) was wrong because we did not have any data to support that notion. Now that first quarter GDP shows a positive growth of 0.6% (note:revised up to 0.9%!!!). Unemployment is a historically low 5% and manufacturing data shows an upturn in orders. It turns out consensus science was once again wrong.
And we won't go into a recession!!
How do I know that? I work for a big international company and like all international companies we have been expanding into growing markets like gang-busters for the past 10 years. And there is no slow down over seas. With the weak dollar, exports are booming as American goods are cheaper in non-US markets.
This is brings jobs and dollars back into the US, counteracting a lot of the outsourcing that has been going on.
The economy has been growing since 2001 and we have not reached a peak. Maybe when the Democrats fail to extend the current tax cuts we will see that come to pass.