Now I am over here . . . now I am over there . . .

More

Perhaps what the economy needs is not a Fed chief, but a psychiatrist. It seems like it might need some lithium more than a rate cut.

This morning the Bureau of Economic Analysis, which calculates GDP, released its new estimates for the second quarter. Much to my personal surprise, it was a big upward revision. According to the BEA, the economy grew at an annualized pace of 4% in the second quarter, up from an earlier estimate of 3.4%. That estimate was itself a big upward surprise, after a very disappointing first quarter during which the economy grew at a tepid 0.6% annualised rate.

Whatever manic high we hit in the second quarter, needless to say, has now worn off. Economists are talking about something in the 1.5-2.5% range for the current quarter, with a projected downtrend heading into years end.

Jump to comments
Presented by

Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

Get Today's Top Stories in Your Inbox (preview)

Sad Desk Lunch: Is This How You Want to Die?

How to avoid working through lunch, and diseases related to social isolation.


Elsewhere on the web

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register. blog comments powered by Disqus

Video

Where Time Comes From

The clocks that coordinate your cellphone, GPS, and more

Video

Computer Vision Syndrome and You

Save your eyes. Take breaks.

Video

What Happens in 60 Seconds

Quantifying human activity around the world

Writers

Up
Down

More in Business

Just In