Thursday, July 31, 2008
The Commerce Department released their initial estimate for second quarter GDP along with some major revisions going back more than three years. More later...UPDATE - July 31st, 7:10 AM PST
Just had to mention this "Predictions" post at Seeking Alpha, from January 1st, 2007:
7. Economic Growth will Slow, Consumption will ContinueNote that economic growth for 2007 was revised to exactly 2.0 percent in 2007 - the chart above is a bit misleading because it simply averages the previous four quarters to arrive at an annual rate.
Economic growth will continue to slow, coming in just below 2 percent for the year with a recession starting in the fourth quarter.