In recent weeks, the economy has presented two faces, which is reflected in the latest G.D.P. numbers. There have been fledgling signs of growth: home sales and chain store sales are up a bit; a swelling equities market has raised consumer confidence a few notches; and jobless claims fell noticeably last week, albeit they are still quite high.

At the same time, the steroidal effect of the federal stimulus spending is fading (although more than a trace of that spending is in the growth in large highway and bridge projects found in this quarter’s output numbers). City and state governments have shed tens of thousands of employees, and states face a sea of red ink as they look at next year’s budgets.

“Two percent growth is not great, but it beats zero,” said Steve Blitz, chief economist with ITG investment research. “But the picture of the economy remains troubling. There is certainly no sign that a normal cyclical upturn is taking hold. The consumer is still underemployed and overindebted, so the normal push won’t be there.”

Economic bulls are more difficult to locate now than in the spring, when the economy appeared to gain traction. But Bernard Baumohl, chief economist for the Economic Outlook Group, has lost none of his élan, saying that he spots signs of strength.

“The main message from this report is that the economic recovery is gathering fresh momentum from the sector that matters most to this recovery: consumer spending,” he said in an e-mail. “Slowly but surely, worries over job security and future income growth have subsided and households appear to be more at ease about shopping.”

Consumer spending, which accounts for roughly 70 percent of economic activity, remains the great unknown. Americans have shed some debt, which is good, but in an unsightly fashion, which is not so good. They have defaulted on credit card debt or have lost their homes to foreclosure in record numbers. Their spending rose this quarter and personal savings was estimated at 5.5 percent of income, compared with 5.9 percent in the second quarter.