The U.S. Bureau of Economic Analysis (BEA) released its first estimate of third-quarter GDP growth. The economy expanded at an annualized rate of 2.5 percent. Certainly, considerable headwinds remain, but the recovery is intact.
It pays to keep a clear head and stick to the actual data. For several months now, while panic has reigned in the streets and markets, we have been saying that the U.S. economy is sound and that there was little chance of a recession any time soon. Our proprietary business-cycle indicators have consistently painted a picture of slow but continuing growth.
-from an email I received today from the AIER.
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