Friday, July 31, 2009
There will be more on today's Commerce Department report on economic growth in a little while - second quarter GDP came in at an annual rate of -1.0 percent. I'm still having a hard time understanding the scope of the revisions to this data as shown below.
Data for the last year or so was revised downward pretty drastically - sequential quarterly growth rates in 2008 and early 2009 were updated as shown below:
It was worse than we thought...