Hard to get too excited about this economic accomplishment, but it’s certainly better than the alternative.
Thanks to yesterday’s solid Q3 GDP report, the U.S. economy is finally back to where it was before it cratered four years ago. (After adjusting for inflation.)
And now for the caveat:
Yesterday’s Q3 GDP report was the first of three. The next two will be revisions. And they might be revised downward.
And then there’s the bad news: We’ve regained the lost ground in GDP, but, thanks to corporate downsizing, we’re producing that output with about 8 million fewer jobs…