Economists get ridiculed frequently and richly deserve it. In fact, they usually enjoy it!
However, today was a good day, in that they accurately predicted the GDP growth rate in Q3 would be 2.0%, compared to 1.7% in Q2.
This makes it even less likely we will see a “double-dip” or experience the worst of the recession again. This makes my forecast of a “long, hard slog” even more likely, darn it! I was still hoping we would sharp a sharp rebound, which is more typical following a recession.
Sometimes, economists don’t want to be correct …