We haven't yet seen the negative effect of gas prices on consumer spending. It's certainly not here in these numbers. That doesn't mean it's not there. Certainly the weekly retail sales numbers have been sluggish.
We boosted economic growth in one quarter, but that doesn't mean it's sustainable. We still have a long-range view that the economy is changing, and consumers will have to adjust to it.
When it's as low as it was, it takes time to start turning it around. Today's report doesn't mean there's a boom, but it certainly is encouraging.