Well it looks like the economists are adjusting their numbers again.
Today’s data on May international trade prompted several economists to boost their tracking estimates of second quarter GDP growth. Macroeconomic Advisers boosted its estimate to 3.3% (annual rate) from 3% as did HSBC. Morgan Stanley raised its estimate to 3.9% from 3.8%. GDP grew just 0.7% in the first quarter.
We still have not had a single quarter of negative growth. If gas prices weren't so high I think we might be already pulling out of the slowdown. I agree with Phil Gramm in saying that this is a media driven recession. Of course a few more Senate-driven bank runs and perception might become an actual reality.
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