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.