Final 4Q07 GDP: +0.6%
This is nothing to celebrate, but at least those rooting for bad news are going to be forced to wait until late April to claim that we’re halfway into a recession, which is defined as two or more quarters of negative growth (except by a pretend-”nonpartisan” organization that likes to think otherwise — see previous discussion of that cohort at this 2006 BizzyBlog post).
The government’s final report on Fourth Quarter 2007 GDP came in unchanged today:
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 0.6 percent in the fourth quarter of 2007, according to final estimates released by the Bureau of Economic Analysis.
I had thought there would be upward revisions after the initial 0.6% announcement. My guess was incorrect.
It’s also a guess, but I think that that the first quarter will come in barely positive, this time by only a couple of tenths of a percent. We’ll see.
Bad news for the media indeed.
Comment by Ben Keeler — March 27, 2008 @ 3:38 pm