The third estimate of second quarter 2010 GDP was released raising GDP to 1.7% growth compared to the previous release growth of 1.6%.
Gross Domestic Product (GDP) is one of the most widely followed metrics when people try to assess economic health. GDP recovery in this recession is relatively weaker for the current recovery than for any of the ten prior recessions. Other econometric that are used to date recessions are also weaker than for previous recessions over the past 60+ years.
The Great Debate© presents two differing views on the critical factors effecting a slow recovery. One view is from Michael Boskin, Stanford University and The Hoover Institution and a second view is from Paul Kasriel of Northern Trust.
Economic releases w/e 27 August 2010 continue to paint an economy with slowing but positive growth. GDP for 2Q2010 was revised downward to 1.6% annualized.