Saturday, July 31, 2010

More 'unexpected' economic news

My favorite new economic phrase is "unexpected". As in, "Unemployment was unexpectedly higher". Or, "GDP was unexpectedly down."

Now we get:
The recession was deeper than the government previously thought.

The Commerce Department, in revisions issued Friday, estimates the economy shrank 2.6 percent last year -- the steepest drop since 1946. That's worse than the 2.4 percent decline originally estimated.

uh huh.

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