Processed vegetables up, eating out at Applebee’s down.
Buoyed by brisker consumer and business spending, The American economy grew at an annualized rate of 2.5% in the third quarter, according to a report released this morning by the U.S. Department of Commerce,
No, just kidding. We know you still don’t have a job. The Commerce Department announced that the economy grew 3.5% in the third quarter — snapping the longest streak of economic contraction since 1947.
Hey, guess what? The economy really sucks. The GDP dropped 6.1% annually, after plunging more than expected in the past few months. How much more than expected? Well, it’s the worst six month drop since 1957-58.
The GDP dropped 6.2% in the fourth quarter, the largest drop since 1982. Reuters says that a month ago the Commerce Department estimated that the economy shrank at a 3.8 percent pace in the October-December quarter. Whoopsies! [Reuters]
Feeling down? Money might help, according to Betsey Stevenson and Justin Wolfers. The Wharton economists released a paper arguing that countries with higher gross domestic products have happier citizens. The study shatters the conventional wisdom known as the Easterlin Paradox, which holds that GDP and happiness are largely unrelated.