Is This a Recovery?
This morning the U.S. Commerce Department released the most recent revision of the third quarter 2009 Gross Domestic Product (GDP) statistics. At the end of October, the Commerce Department initially announced that GDP grew at 3.5%. This morning, the GDP statistic was revised down to 2.8%.
Although the financial markets have recovered significantly, the business environment, employment situation and bank lending capacity seem to indicate that we have not yet...