"Looking forward to retirement, Gordon?"So, the economic recovery is still a little slow in materializing. U.S. GDP grew by only 2.2% in the third quarter, less than the 2.8% the experts and Commerce Dept. predicted. Fear not.
"We are really starting to see the mechanisms for a sustained recovery come into place," said Robert Dye, a senior economist at PNC Financial Services Group in Pittsburgh. "We are starting to see investment numbers come back."
We'll have to take your word for it. On the bright side, at least our economy is growing (after shrinking for a solid year), and corporate profits grew by even more than we expected. The same cannot be said for our Anglophone brethren on the other side of the Atlantic, which remains the last recessing economy in the universe.
For the sixth-straight quarter, the U.K. economy shrank. It only shrank by 0.2%, less than the 0.3% expected, but it still shrank. It's the worst recession faced by the country since it had an empire. Perhaps future generations will say of the next major British near-depression, "It's the worst recession faced by the country since it had a financial services sector."
U.S. Economy Grew at 2.2% Annual Rate Last Quarter [Bloomberg]
UK remains mired in recession [FT]