Consumers reopened their wallets and manufacturers slashed inventories, indicating they're getting ready to ramp up production of more goods this year. Also contributing to growth were rising exports and falling imports. But just how good will 2011 prove to be?
The markets closed out the week on a positive note, as consumer sentiment rebounded slightly to 72.2 in late April, though still below March's reading. Key index components were mixed, however, and consumer sentiment has been roughly unchanged in the past five months.
I'm a big fan of John Mauldin and his weekly email newsletter, Thoughts from the Frontline, where he analyzes the economy.But even so, I disagree strenuously with his reasons for being a pessimist on the economy, after the recent GDP report.