Despite continued economic growth, the core Consumer Price Index remains at a modest 2.6%, according to the government's latest reading.

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It therefore is not warning of a new recession on the horizon, and their coincident index points toward ongoing economic growth.

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The ISM said the index was consistent with an annual rate of economic growth 3.3 percent from January through March, up from a tepid 0.4 percent growth rate the last three months of 2012.

NPR: Survey: US Manufacturing Grew More Slowly In March

Adding to the day's upbeat tone was an unexpected rise in German economic sentiment, as measured by the ZEW economic expectations index, and an upgrade by the International Monetary Fund to its global growth forecasts for 2012 and 2013.

WSJ: Spanish Auction Lifts European Markets

When countries were classified in 1990 by their status in the United Nations Human Development Index (an index of income, literacy and health), high-development countries achieved robust and stable economic growth during 1990-98, with average growth rates of around 2.3% a year and with 35 out of 36 countries enjoying rising living standards.

ECONOMIST: By invitation

House prices are not part of America's inflation index but their decline is forcing households to reduce debt (see article), which could subdue economic growth for years.

ECONOMIST: Inflation is bad, but deflation is worse