First Quarter GDP Growth Up Higher Than Originally Thought

May 27: Paul R. La Monica for CNN Money reporting on Warren Buffett's belief that "we are already in a recession." Notice the lede:

NEW YORK ( -- It's getting harder and harder to deny that the economy is in recession.

May 29: The federal government releases an upward revision of the first quarter GDP growth. The ever-pessimistic AP reporter Martin Crutsinger grudgingly admitted that the new numbers could bolster the view that "the country can dodge a full-blown downturn":

The economy plodded ahead at a 0.9 percent pace in the first quarter - slightly better than first estimated - but still underscoring caution on the part of consumers and businesses walloped by housing, credit and financial problems.


The first-quarter performance matched analysts' forecasts and offered a somewhat encouraging sign because it showed the economy was still growing at that time. The figure didn't meet a definition of recession, which under a rough rule is two straight quarters of shrinking GDP, and might raise hopes the country can dodge a full-blown downturn.

See also Tom Blumer's related post.

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