Everybody is commenting on the downward revision, so I'll just post the usual chart, then give two links to what I consider to be the most sensible take on it.
Here's what Brian Wesbury's organization has to say:
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Hi -
Of course, you realize that the reason GDP growth is slowing is that the US economy can't find enough qualified workers: capacity utilization remains high and unemployment remains very low.
It's not a pause of doom: it's a pause of refreshment. There's nothing out there that can touch the structurally sound growth in the US.
Posted by: John F. Opie | 01 June 2007 at 10:54
Steve,
I love that FTP Portfolio economic research link, I've read the commentary regularly ever since you first posted the link several months ago.
Good news continues to pour in about the economy, and Wesbury now expects 3.5% growth for the 2nd quarter.
Posted by: Stephen Reed | 01 June 2007 at 13:15
It's looking like we've just experienced the long-fabled soft landing, and are on the rebound. What next, Jesus returns with Bigfoot in a flying saucer?
Posted by: Kevin | 01 June 2007 at 14:51