WASHINGTON (MarketWatch) — The latest Greek debt crisis and plunging Chinese stock market are capturing headlines and making Wall Street anxious, but to most ordinary Americans they are far-off events that have no impact on their own lives.

Understandably so. The American economy, the world’s largest, has rebounded after a winter freeze. Companies are adding more than 200,000 jobs a month, consumer confidence is at a post-recession high and people are spending a bit more. The U.S. is poised to grow almost 3% in the second quarter after a 0.2% contraction in the first three months of the year, according to a MarketWatch survey of economists.

The latest round of reports this week should bolster the view the economy continues to expand at moderate pace — enough so that the Federal Reserve is gearing up for its first interest-rate increase since 2006.

Sales at U.S. retail stores likely rose in June, though not as fast as in May. Construction of new homes probably picked up last month. And manufacturers are still growing even though a strong dollar has curtailed exports.

The U.S. economy “is holding up fairly well in the face of increasingly global economic uncertainty,” said Gregory Daco, head of U.S. macroeconomics at Oxford Economics.

So everything is just fine and dandy, right? Not by a long shot.

While job openings are at a record high, companies are not filling them nearly as quickly. The unemployment rate looks impressive at just 5.3%, but it’s a much higher 10.5% if all the people who want a full-time job but can’t find one are included.

Nor are workers getting much in the way of pay raises. Average hourly wages are rising just 2% a year and that’s been the case since 2010. That’s one-third less than the historical average and helps explain why growth in a U.S. economy largely driven by consumer spending is not as strong as it should be six years into a recovery.

The mediocre pace of growth also makes U.S. more vulnerable to what economists call “external shocks” — events outside American borders that can sway the nation’s economy. A big spike in oil prices is a classic example.

The threat of external shocks is why Wall Street is paying close attention to Greece and China. A Greek exit from the European Union that damages the continent’s economy could hurt the U.S. So could a stock meltdown in China that impairs the world’s second largest economy. Both are big U.S. trading partners.

Read: Why Chinese stock plunge is not a big global threat

Most economists and senior officials at the Federal Reserve view those outcomes as remote even as they keep a close eye on the latest developments. In a speech last Friday, Fed Chairman Janet Yellen suggested the U.S. economy is strong enough to warrant an interest-rate hike before the end of the year.

“I anticipate that employment will continue to expand and the unemployment rate will decline further,” Yellen said. She barely mentioned Greece and said nothing at all about China.

Read: Fed’s Yellen says rate hike likely needed in 2015