I find this hard to believe

August’s gain leaves monthly GDP up 37% annualized over the prior three months. In August, monthly GDP fell 8.2% annualized over the prior six months.
On a year-ago basis, GDP was down 3% on a year-ago basis, compared with declines of 4.1% and 3.3% in June and July, respectively.

That means that the bounceback has in fact already happened. Being 3% down on a year ago is a mildish recession rather than anything serious.

4 thoughts on “I find this hard to believe”

  1. So Much For Subtlety

    There is nothing fundamentally wrong with the world’s economy. Some old people died. It is not as if, say, all the accountants turned up dead.

    This has been a political problem. Not an economic one. Our rulers are idiots. Incompetent dishonest lying idiots.

    As soon as they stop screwing us we are bound to go back to normal.

  2. Our rulers are idiots. Incompetent dishonest lying idiots.
    True, but the sunk cost fallacy.
    Do you seriously expect Incompetent dishonest lying idiots to admit error?

  3. “That means that the bounceback has in fact already happened. ”

    This could be interesting. A poll. How many of you, from personal experience, think that’s true?

  4. BiS

    “This could be interesting. A poll. How many of you, from personal experience, think that’s true?”

    Question. QE in order to furlough. Is furloughed salary counted in GDP? Ie, can one QE and hence create GDP. I can’t be bothered, at this time, to think or otherwise DDG (sorry)?

    Just in response to BiS and so called bounce back. My gut says no, it hasn’t happened. Hence, given how utterly dishonest and useless the Government has been throughout the last 7 months or so (their over-reaction to Covid), I feel the need to ask.

Leave a Reply

Your email address will not be published. Required fields are marked *