July 31, 2008

DUDE, WHERE’S MY RECESSION? (CONT’D): GDP grew 1.9% last quarter. “Consumers boosted their spending at a 1.5 percent pace in the second quarter. That was up from a 0.9 percent growth rate in the first quarter and marked the best showing since the third quarter of 2007 when the economy was still performing strongly despite the severe housing slump.” On the other hand, the inflation picture isn’t so great.