Economic update.

[Arkady]

Second quarter GDP was initially reported at 2.3%, which is more than enough to outpace population growth, raising real GDP per capita, but is not anything to write home about. Fortunately, it just got adjusted upwards to 3.7%, which is really quite good.

As in 2014, first quarter 2015 was rough, thanks to bad weather in the Northeast, but each time leading economists correctly concluded that the weakness was weather-related and we'd have a strong rebound in second quarter. So, the initial report of 2.3% was a little disappointing -- it was decent enough on its own, but wasn't the kind of rebound you'd expect from pent-up first quarter demand. 3.7% is more like it.

 

[Deleted member 21794]

Why did the NY Times report the economy was revised down from a +.2% growth to a -.7% growth?

http://www.nytimes.com/2015/05/30/business/economy/us-economy-gdp-q1-revision.html

 

[as seen on tv]

when did the conversation turn away from the number of people on food stamps, or working mcjobs, or given up looking for work, and instead to "gdp"?

thank goodness you can no longer claim that an inflated Dow average means everyone is on easy street.

 

[Deleted member 21794]

when did the conversation turn away from the number of people on food stamps, or working mcjobs, or given up looking for work, and instead to "gdp"?

thank goodness you can no longer claim that an inflated Dow average means everyone is on easy street.

We have to give Obama cheerleaders wide latitude. Often they need to jump from one indicator to another to try and convince Americans everything is hunky dory. But even still, it's a tall order for them.