Q2 GDP Looking Stronger

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The BEA’s done a revised estimate of second quarter GDP growth and moved the number considerably upwards to an annualized rate of 3.3 percent, which is perfectly respectable. The previous estimate was an anemic 1.9 percent. I’m not really sure I understand how to square that with the employment data which doesn’t seem consistent with that level of growth.

I’ll note as a political observer that it’s important, for the purposes of political analysis, to have accurate information about economic growth. You still often hear the 2000 election talked about as if it occurred at the height of the Clinton-era boom when in fact conditions had already slipped quite a bit from their 1999 peak.