The economy remains on a positive growth trajectory. June marked the 64th consecutive month of private-sector job gains. The housing market continues to show significant year-over-year gains. And while retail sales fell slightly in June, continued gains in employment and real household income are reason to be optimistic that we will see strong consumer spending going forward. Economic growth picked up in the second quarter with the advance GDP estimate suggesting that the economy expanded at an annual rate of 2.3 percent. In the second half of the year, the economy is expected to grow at an annual rate of 3 percent.

However, some analysts warn that planned federal spending cuts due to sequestration could slow economic growth. There is also concern that growth could be hampered by fears that there could be a federal government shutdown in the fall and by potential headwinds from economic conditions overseas.