JPMorgan economist Jim Glassman sums up the current state of play:
The US economy is stalled, barely growing. It's not in recession—not what we normally mean by that label—and probably will avoid one. The rest of the world is booming. The commodity (and farm) economies in the United States—from Texas and Oklahoma to the Northwest and across the Midwest—are soaring. The dollar is competitive. Most US companies enjoy high profit margins. And US macro policy is in full throttle, with policy makers aiming to do more if events dictate.