We believe the economy is still very constructive and growing. However, the US economy may have lost some momentum recently. Consumption seems to be weakening. Car sales were weaker than expected in June, and retail sector activity declined with slippage in receipts at restaurants, sporting goods outlets, and department stores. However, in other parts of economy the situation is much brighter. Not only has manufacturing and non-manufacturing data strengthened, but industrial production, factory capacity utilization, housing starts, and building permits increased in June as well. Our sense is that business activity should strengthen during the third and fourth quarters. This could enable GDP growth— even with some retracement on the consumer side—to average 2.5%, or so. We think this solid performance will continue into 2018.