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Friday, July 30, 2010

Great Recession was Worse than Thought

I detailed that Q1 GDP was revised up one full point... great news right?

Not when past quarters have been revised down. Per Calculated Risk:

The recession was worse in 2008 than originally estimated.Q1 2010 was revised up, but Q3 and Q4 2009 were revised down. So the recovery is a little weaker than originally estimated.

On a cumulative basis over this time frame, the current level of GDP is 0.8% smaller than previously estimated.

Source: Calculated Risk