U.S.: Was That A Speed Bump Or Something Bigger?
How weak was second-quarter economic growth? Based on data so far, the economy's performance last quarter was the poorest in a long time, with a growth rate of probably less than 2%. In fact, given some not far-fetched assumptions about key components, such as inventories and foreign trade, a case can be made that growth was zero. The key question, however, is: Was the second-quarter slowdown the start of a lasting downshift that will extend through yearend?
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