The good news, the bad news, and the worse news on the economy

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The good news is that US quarterly productivity figures just got revised upwards. The bad news is that this is pretty standard for slowdowns/recessions, because companies tend to cut their least productive operations and employees first. The worse news is that the OECD just cut its US forecast for the next two years, to 1.2% and 1.1%, down from 2.0% and 2.2% in its December estimate. That's expected to seriously erode the performance of the OECD as a whole, which is now expected to grow at a sub-2% rate through 2009. Time to start brown bagging those lunches.

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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.

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