The last few weeks have seen equities sell-off sharply, with the S&P 500 index declining by 7% from its peak at the end of April, wiping-out almost all of the gains previously achieved during 2011. This sell-off has accelerated following the release of two negative macroeconomic data-points: (1) the ISM manufacturing PMI, which came in at 53.5 versus 60.4 in April; and (2) May non-farm payrolls, which saw only 54,000 new jobs created versus an average of ~220,000 in the previous three months. Analysts have interpreted these as signalling a dramatic slowdown in the US economy and have argued that the risk of a double-dip recession has increased. I would note that both of these data-points are volatile month-to-month and therefore cannot alone be relied-upon as signals of where the US is heading. Looking through the vast range of economic data produced by the United States, I would argue that the economy is still in recovery mode. The slideshow below includes 10 major reasons why I believe the outlook for the US economy is one of continued positive growth.