Looking forward, Thayer says he expects growth to pick up in the second half of the year. In 2011, he sees growth to average about 2.8 percent, which is low for this point in a recovery, but it's higher than what was reported in the first half. That's if Congress is able to raise the debt ceiling. "A lot of this hinges on us getting through the debt ceiling without a major crisis," Thayer says. "Hopefully, we will get some sort of compromise here as the deadline approaches."
Corrected on 07/29: A previous version of this story incorrectly identified Douglas Coté. He is the chief market strategist at ING Investment Management.