Economy is Worse Than We Knew; Uncertainty Still Reigns
Fri, Jul 29, 10:33 AM ET, by Donald Marron
Tim Kane at the Kauffman Foundation is out with his latest survey of economics bloggers (full disclosure: I am both an adviser to the survey and a participant in it).
In light of today’s abysmal GDP report, the results for one question are particularly relevant:
The latest revisions shows that GDP growth in recent quarters was much lower than previously reported (e.g., only 0.4% in the first quarter versus the prior estimate of 1.9%). So score this one for the 44% of economics bloggers who answered “worse”. (I wrongly answered “same”.)
As always, it’s also fun to look at the word cloud of adjectives the bloggers used to describe the current state of the economy:
Uncertainty still dominates the middle of the nation, but weakness, vulnerability, and fragility have, unfortunately, being gaining territory.
For results from previous surveys, see this earlier post.
SDI Glossary: "GDP" Definition
This Article's Word Cloud:
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