Remember that 3.5% growth in Q3? You know, the one that supposedly represented us bouncing back, and not in a dead-cat sort of way?
Yeah. Not precisely:
NEW YORK (CNNMoney.com) — U.S. economic growth in the third quarter was much weaker than the previously estimated, according to the government’s final reading released Tuesday.
Gross domestic product, the broadest measure of the nation’s economic activity, grew at an annual rate of only 2.2% in the three months ending in September. A month ago the estimate was growth of 2.8%, and the initial reading in October was more robust growth of 3.5%.
See Megan McArdle and Ed Morrissey for some analysis (short version: the economy sucks, and the ‘growth’ was a one-off involving that absurd Cash For Clunkers program). About all I can say is that at least it’s still positive; and that hopefully it, coupled with a 4Q GDP taking advantage of the Christmas season, will still be enough to maybe convince American consumers to fuel a recovery.
Note that I am ‘hoping,’ not ‘expecting.’
Crossposted to Moe Lane.