Justin Fox bores into the GDP numbers:
...the sharp decline in private inventories that accounted for 2.79 percentage points (almost half) of the GDP decline is actually extremely good news, because it means businesses may have already made most the inventory adjustment that's a part of every recessionclearing the way for an upturn.
Given the current battered financial state of U.S. consumers, it's probably not going to be much of an upturn. But even a weak upturn is better than an economy shrinking at 6% a year.
Ezra Klein unpacks Justin's point.