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Posted by: Michael Mandel on July 31
The BEA just came out with its revised GDP numbers for the past few years. And not really a surprise, the recession now looks a lot worse than the data previously showed. From the fourth quarter of 2007, when the recession officially started, to the first quarter of 2009, the previous data shows real GDP declining by 2.2%, compared to a 3.5% drop in the new numbers. So the recession, measured by the drop in real GDP, is about 50% worse than we thought.
Here’s a chart of real GDP, indexed to the fourth quarter of 2007.
Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.