Thursday, May 27, 2010

GDP FOR Q1 2010 REVISED DOWN TO 3.0% FROM 3.2%

For the story, go here. An additional and final revision is still forthcoming.

Growth of 2.5% is necessary, according to widely reported statements by the Federal Reserve chairman and others, to maintain the status quo in employment and absorb the new workers who are added to the population every year.

In other words, there is no growth engine presently at work effectively providing jobs for 8.5 million people sidelined by the recession, not to mention millions more involuntarily part-timed by the downturn.