GDP Growth Turns out that a two-headed hyena isn’t going to swallow the sun
And OK, with the second quarter’s surprising GDP growth numbers, we have avoided a technical recession, which is nice. 3.3% worth of economic growth takes us back to the heady declining days of 2014, which was as we recall, an endless round of moonlight croquet and dancing on tables. And it was especially nice after the first quarter’s deplorable 1.2% contraction. And even more so knowing that once again the economists, who had predicted growth of between 2.6% and 2.8% were out by at least 0.5%. Another way of putting that is, they were 35.7% wrong. If you worked at McDonalds, and you got 35.7% of your orders wrong, well let’s just say you may have to look for a new job, maybe as an economist. Anyway, to get back to our main point: this growth came on the back of a welcome surge in mining and manufacturing, and caused a little spike in retail shares. On the downside, it won’t be enough to rescue us from the dismal growth we’re likely to rack up for the year.
Comment: Still, with business confidence rising after seven straight quarters in decline, there is room for cautious optimism.