Thursday, May 27, 2010

More shocking - shocking! - economic news

If you've got a weak heart, you should probably skip this post, because the news is shocking, just shocking:
The economic rebound last quarter turned out to be slower than first thought, one of the reasons unemployment is likely to stay high this year.

The economy grew at a 3 percent annual rate from January to March, the Commerce Department said Thursday. That was slightly weaker than an initial estimate of 3.2 percent a month ago. The new reading, based on more complete information, also fell short of economists' forecast for stronger growth of 3.4 percent.
I know - who could POSSIBLY have expected that?

I remind you again of that wonderful Jim Geraghty line:
If I find myself in a fistfight, I hope it's with one of these economists who are always getting quoted by Reuters or Bloomberg, because then I'll rest assured that I'll always have the element of surprise. These guys never expect everything.

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