Sunday, August 31, 2008

No recession here - growth

Good news! The economic results have been updated: There was growth at 3.3 per cent in the second quarter. No recession. A recession is shrinking for two quarters in a row. For all the talk this has not happened; there has not been a recessions since President Clinton's last months in office. Did this lead the nightly news? Forbes.com: Digital Rules By Rich Karlgaard:
In case you missed this good news, the second-quarter gross domestic product (GDP) was revised up, from 1.9% to 3.3%. Our friend Brian Wesbury was the only economist who got close to calling it. He had predicted 3%.

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