By Carl Steidtmann, chief economist and director, Consumer Business, Deloitte Research

The second quarter started with widespread worries that the economy was entering a ‘soft patch’. Defying the skeptics, real GDP growth moved up 3.8% in the first quarter, a pace that was continued through the second quarter of 2005. Despite rising oil prices, misplaced fears of a housing bubble and growing international financial imbalances, the US economy continues to outperform the rest of the developed world.

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Based in New York, Carl Steidtmann is Deloitte Research's chief economist and a director of Consumer Business Research.  In 2003 Dr. Steidtmann was selected as one of the 25 most influential consultants by Consulting Magazine for his work in consumer spending forecasting. He earned his Ph.D., master's and bachelor's degrees from the University of Colorado.

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