GDP Falls Less Than Expected

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Woo-hoo! GDP only fell at an annualized pace of 1% in the second quarter! Pop the champagne!

Thoughts:


  • Happiness is relative
  • This number will be revised, probably downward
  • Consumer saving continues to rise, and probably will for a while
  • Employment isn't going to recover for quite some time

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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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