GDP Down Again
Getting closer to negative
We just got a new estimate for Q3 GDP:
This is down from the last reading and, more importantly, edges us even closer to zero and, potentially, into negative territory.
That matters for the overall economic narrative, which has mostly skirted the technical recession story of two negative quarters of GDP…so far.
Three quarters of negative GDP makes it a lot trickier to deny recession talk and could lead to further deterioration as deniers capitulate.