Saturday, December 25, 2010
Revised 2Q Gross Domestic Product
The Gross Domestic Product was revised in September downward to 1.7% annual rate in the second quarter from 2.4%. This revision reduced GDP by almost 7/10th of a percentage point signaling a very slow economic growth rate.
Based on this revision, it looks like policy makers were right to fear a double dip recesson. Bernake and the federal reserve were also justified in using a second round of quantative easing(QE2)to increase the money supply. There is no inflation or inflationary expectation in the short or medium term.
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