By Joel Naroff

We have growth again. But a positive second quarter number doesn’t necessarily tell us all is once again right with the world. There remain many impediments to normal growth. If we do have an extended period of sluggish economic activity, which is indeed what I expect, then we need to be prepared for what that economic environment means: A potentially extended period of significant economic change.

The economy expanded during the summer for the first time since spring 2008. It also appears we will have decent growth in the fall. Warehouses were emptied and rebuilding inventories should keep manufacturers busy for a while. Though the end of the “Cash for Clunkers” program means consumer spending will be more modest this quarter, the expansion should be able to remain on track.