Thursday, August 28, 2008
Where is recession? - stimulus package and weak dollar shore up Q2 GDP
The country has been basking in the joy of DNC, falling oil, and yesterday's surpisingly high figure of durable goods. Today GDP number lend a momentum to the exuberance. Annualized Q2 QoQ GDP was revised upward to 3.3% from 1.9%, previously annouced. The largest contributor is export, 3.1%, driven by weaker dollars. Personal consumption growth 1.7%, probably driven by stimulus package, which might be unstained.