This chart is for year over year ‘real’ GDP growth. Note the recurring first quarter spikes followed by dips, presumably due to front loading annual state spending and lending.
Not much of a spike this year, due to cutbacks in state spending/lending, but the reduced spending/lending that resulted in the reported growth was likewise front loaded for 2011. The question now is what the traditional second half dip will look like. Seems to me it could get pretty ugly.
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