Q3 GDP tracking at an annualized real growth rate of 2.4%

Despite all of the chatter about an allegedly imminent double-dip recession, GDP is holding up fine. According to Macroeconomic Advisors, LLC, real annualized growth of GDP is tracking at 2.4% for Q3. Not bad. Not great, but not bad either. It is still too soon to talk about anything other than guesstimates for Q4 and beyond, but the actual evidence is only for a slowing, not renewed recession. For the record, MA had forecast Q2 GDP growth of 2.4% that actually came in at 2.3%, so they are a reasonably reliable outfit. (Note: MA is now forecasting that Q2 will be revised down to growth of only 1.1%.) They actually calculate GDP on a monthly basis. June was a second consecutive down month, but MA expects a healthy rise in July related to exports.

-- Jack Krupansky