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How Do You Define "Torrid"?
USA Today tells us that the economy grew at a "torrid 3.5% rate." In the four quarters following the 1974-75 recession the economy grew at a 6.2 percent annual rate. In the four quarters following the 1981-82 recession the economy grew at a 7.5 percent annual rate.
--Dean Baker
COMMENTS (10)
It's a ridiculous choice of words.
Real GDP is now at the level of fall 2006. This is more relevant than short term growth rates.
Posted by: piglet | October 29, 2009 1:43 PM
Just to complete the comparison, could DB or someone else give us the figures for the 4 quarters following the 90-91 recession? I don't know where to obtain them, and it would be interesting. Thank you!
Posted by: scott | October 29, 2009 3:36 PM
http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=1&Freq=Qtr&FirstYear=1990&LastYear=2009
Posted by: Anonymous | October 29, 2009 4:37 PM
Go to NIPA table 1.1.3 at http://www.bea.gov/national/nipaweb/SelectTable.asp?Selected=Y, it is gives the true perspective. People are way too obsessed about short term fluctuations.
Posted by: piglet | October 29, 2009 6:58 PM
Financials, including insurance, did best. It seems fair to ask how much of that is due to timing of write-downs (or lack thereof) and how much to bailout. Pharmaceuticals also did well - people still need their meds and will skip other things to buy them.
Posted by: skeptonomist | October 29, 2009 8:16 PM
That is funny. The sad part is that a 3.5% rate is "torrid" in an economy that produces very little of substance anymore.
Posted by: libhomo | October 29, 2009 10:04 PM
Please give USA Today a break, the are pumping and touting as bad as they can.
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Posted by: weight loss tips | November 6, 2009 8:43 PM
Pharmaceuticals also did well - people still need their meds and will skip other things to buy them.
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