All of this has cushioned the U.S. economy from the economic damage abroad. And investors have responded by keeping U.S. stocks near all-time highs. Not even reports Friday of a Ukrainian attack on Russian military vehicles unnerved investors for long, with blue chip stocks regaining nearly all their midday losses by the close.
"We're in a much better place psychologically," says Mark Zandi, chief economist at Moody's Analytics. "And it's allowing us to weather the geopolitical threats much more gracefully."
Still, the global turmoil comes at a delicate time.
China, the world's second-biggest economy, is struggling to contain the fallout from a runaway lending and investment boom that's powered its growth since before the 2008 financial crisis. The economies of Japan and Germany, the world's third- and fourth-largest, shrank in the spring. So did Italy's.
It might not take much — an oil-price spike, a prolonged recession in Europe, a plunge in business or consumer confidence — to derail the global economy.
Here's a look at the strengths and weaknesses of the U.S economy and others, and why the calm in markets may or may not last:
— MORE JOBS
Hiring in the United States has surged in the first seven months of this year.
Monthly job gains are averaging a solid and steady 230,000, based on government figures. That's roughly an average of 35,000 more jobs each month compared with last year.
Fewer people are applying for unemployment benefits. And fewer new hires are working as temps. Both trends suggest stronger job security.
Economists say the cumulative effect of all those additional paychecks should propel growth and help insulate the U.S. economy from trouble abroad.
Though low-paying industries account for much of the hiring, many economists foresee more jobs coming from higher-wage industries such as construction, engineering and consulting.
Zandi expects monthly job growth to accelerate to an average of 275,000 sometime next year.
— RECORD PROFITS