How hard will tight credit hit?

However, some elements of the economy have remained strong. For example, tourism in some parts of the economy is booming as foreign travelers, particularly Europeans, come to the United States.

"There has been a huge boom for travel from the UK to the US and [especially] New York," says Elon Kenchington, chief operating officer of Gansevoort Hotel Group in New York. "Visitors from the UK have now grown to about 10 percent of our business."

One advantage of more leisure travelers is that the occupancy for the Gansevoort is now running between 93 and 95 percent full. With such high occupancy, the hotel has been able to increase its room rates by 15 percent. "With all the foreign travelers, it gives a unique feel to the hotel," Mr. Kenchington adds.

In Kennebunkport, Maine, the Breakwater Inn & Spa is enjoying a good summer as more Americans opt for vacations that don't require air travel. "We're benefiting from the constant delays and the overcrowded flights," says Terri Kenny, the innkeeper. "We're running between 82 and 87 percent occupancy, and we've had lousy weather," she says.

Parts of the high-tech industry are also bright spots for the economy. Take Serveron in Hillsboro, Ore., whose revenue has been growing at a 40 to 50 percent rate since 2004. The company provides equipment that measures the condition of electric transformers. "The average age of an electric transformer is 42 years," explains Bart Tichelman, the CEO. "The design life is 50 to 60 years, and there is a waiting list of about two years for a new transformer, so you can see the problem."

This coming Friday, economists will get a more up-to-date view of the economy when the Labor Department releases the July employment numbers. Part of the high-tech industry are expected to provide a boost to the numbers. Two years ago, Watchfire Digital Outdoor in Danville, Ill., had 60 employees. Today the manufacturer of digital billboards has 175. The company's technology allows advertisers to change their message instantly, alerting consumers to sales or closeouts. The firm is adding 35 percent to its factory space. "We have a dynamic business, so our problems are growth problems. So they're good problems," says David Wood, the president.

In Orem, Utah, AtTask Inc. is also on a fast track. The company, which provides on-demand project-management software that helps companies get work done on time, grew 200 percent last year. This year, it's on track for a 350 to 400 percent increase in revenue.

"We're ramping up our teams – we've doubled our team size in the last few months – and building our infrastructure," says Scott Johnson, the CEO. "The reason we're flourishing is that business needs to be more efficient," says Mr. Johnson, who says clients include companies such as Apple, General Electric, and Walt Disney.

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