I just don't get it. The economy just fell off the cliff. The revisions are getting worse.
This particular GDP decline demonstrated over the past year is now the largest since World War II. Current quarter cooking of the books aside, downward revisions to prior quarters have left the decline in real GDP at -3.9% in the year through Q2.
How bad is this decline? Q2 GDP data concluded that the prior 3 quarter consecutive period of falling GDP activity wasn't seen since 1953-1954.
This was and is an ugly decline that most people are not taking seriously. The main stream media has this fascination with the recession ending that they are totally unaware that the consumer is dead.
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