Posted by Christina Romer on July 30, 2010 at 9:33 AM EDT
Today’s report shows that real GDP, the total amount of goods and services produced in the country, grew at a 2.4% annual rate in the second quarter of this year, the fourth straight quarter of positive growth. Growth in the first quarter was revised up to 3.7%, meaning that growth has averaged over 3% for the first half of 2010. This solid rate of growth indicates that the process of steady recovery from the recession continues. Nevertheless, faster growth is needed to bring about substantial reductions in unemployment. Much work clearly remains to be done before the U.S. economy is fully recovered. The comprehensive data revisions released with the report provide further evidence of just how severe the recession has been: the fall in GDP between 2007:Q4 and 2009:Q2 was 4.1%, making this the deepest recession since 1947.
http://www.whitehouse.gov/blog/2010/07/ ... -revisions
