Recession Was Worse Than Expected; Economy Improving
Not that you’ll hear anyone on the right giving credit to the newly-installed government, but economic indicators show that we plunged deeper than previously thought, and that we’re climbing back up.
The economy contracted much more slowly in the second quarter than during the previous nine months, signaling that the longest, deepest postwar recession may soon be ending.
The Commerce Department report included comprehensive revisions of GDP data from 1929 through the first quarter of 2009. The revised numbers reveal that the economy deteriorated during 2008 much more than previously reported.
“Conditions appear to be stabilizing, and the recession should come to a halt soon,” said Augustine Faucher, an economist at Moody’s Economy.com who also projected “a rebound in the current quarter.”
Recovery will be weak at first, a slow climb back. But we appear headed in the right direction. The Dow just had its best July in 20 years. While you won’t hear conservatives mentioning that, you can bet they’d be braying if the converse were true.Click here for reuse options!
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