If you look at the blue line on the chart below you will see 'real' GDP created by using an index that measures the cost of a set standard of living. However, it still includes ever expanding government spending.
I’m getting a bit tired of ‘expectations’ dictating how we should react. Has any expert ‘expectation’ ever been right about any of this crap?
If 2.5% is good, its good ... even if they expected 3.0%. If 2.5% is bad, its bad ... even if they expected 1.5%. Let the numbers speak for themselves, rather than characterizing it based on some half-assed guess that’s never right.
SnakeDoc
There are always at least two adjustments to the GDP growth figures in later months after data is recalculated. If it follows the usual pattern, it will likely be reduced to 2% and then 1.5%. You get the phony inflated number first and then the real number several months later.
New data to ‘rewrite economic history’ (Government about to wave magic wand to add 3% to GDP growth)
http://www.freerepublic.com/focus/f-news/3011307/posts
Data shift to lift US economy 3%
http://www.freerepublic.com/focus/f-news/3010782/posts
Wasn’t a story posted last week, or first of this, reporting that the GDP was expanded to include categories previously excluded?
I don’t recall the details, and don’t know if it was a factor here.
What do we expect when we exported our factory seed corn to the rest of the world? Check what you buy and see where our economy went.