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.
What he doesn't say about the GDP growth:
The increase came below expectations on Wall Street. Businesses drew down inventories sharply, putting a big drag on GDP -- yet suggesting smaller cuts in production down the road.
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