GDP: it’s all relative

July 31, 2013

The GDP number for the second quarter is now out: growth is estimated to be 1.7%. Not great by historical standards (the mean over the last 50 years is above 3%), but since everyone expected worse, stocks rose sharply. Bloomberg reports:  “the Standard & Poor’s 500 Index [is] poised for its biggest monthly gain since October 2011, as a report showed the economy grew more than projected in the second quarter.”

Next up:  the Fed’s monetary policy statement comes out this afternoon at 2.

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