There's been continued resilience among consumers. And manufacturers are having to produce things to meet that demand.

All today's data tell you the business sector is becoming more engaged and consumers are handing the baton over to the business sector, making it highly likely that the recovery will turn into a fully sustainable expansion. In fact, chances are it already is.

This year Washington is playing outstanding basketball. We've continued to play well, so each year when we meet, they get bigger and bigger with more excitement. It's beginning to be a big rivalry.

We have the ability to meet a considerable amount of increased demand over the next several months, and even years.

This says businesses are gradually, grudgingly putting money to work. They're still being cautious, but not as cautious as the data before this morning would have suggested.

Away from autos, the economy is growing at a steady, lackluster pace. It's just kind of slow and steady and not very exciting.