3Q GDP revised upward

Today’s new “second estimate” of the 3Q GDP shows a significant revision upward to 2.5% (the preliminary estimate last month was 2%). This is much better than the 1.7% GDP growth in the 2nd quarter. In part, the trade numbers (specifically exports) came in better than expected.
However, as the news stories note, this is not strong enough to bring down the unemployment rate. And real GDP has not yet gotten back to where it was when the economy peaked in the 2Q 2008.
So this is good news — but only partially good news. We still have a long way to go to reach a healthy economy.

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