The US economy grew at its fastest rate in eight years in the second quarter of 2014, but Americans still think the US is in the midst of a recession. Two key trends will solidify the recovery in 2015: higher wages as unemployment falls below 6%, and an expansion in consumer credit as households reach the end of the debt deleveraging cycle. Despite some downside risks posed by higher interest rates and weak demand from Europe, we expect a steady economic expansion over the next year. The economy powered ahead in the second quarter by 4.6% at an annual rate, matching the fastest quarterly growth rate since 2006. ... (full story)