July 31, 2013
BECAUSE FOLKS DON'T FOLLOW THE REVISIONS...:
New data show Great Recession not so bad, recovery a bit stronger (Jim Puzzanghera, July 31, 2013, LA Times)
The Great Recession wasn't quite as bad as previously thought and the recovery since 2009 has been a bit stronger, according to a periodic data recalculation designed to better reflect the economic impact of movies, TV shows and other intellectual property.The economy contracted an at average annual rate of 2.9% during the recession, which ran from the fourth quarter of 2007 through the second quarter of 2009, compared to the previous estimate of a 3.2% contraction, the Commerce Department said Wednesday.The economy has expanded since then at an average annual rate of 2.2%, compared to the previous estimate of 2.1%. Growth was significantly stronger in 2012, revised up to 2.8% from the earlier 2.2% estimate.
...few realize it will eventually have been the first recession since the Reagan/Volcker one that vanquished inflation..
Posted by Orrin Judd at July 31, 2013 5:49 PM
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