The government dispensed the third and final update on third-quarter GDP this morning, and no one who routinely reads such things will be shocked by the numbers. The annualized quarterly real 2% pace of economic growth for July through September was a bit slower than previously estimated, although it’s in line with the latest consensus guess from the dismal scientists.
The government’s former estimate for GDP was a tad higher at 2.2%. More importantly, the final 2.0% rate in the third quarter is below the 2.6% rise logged in the second quarter. The economy, in sum, is still slowing. Everyone knew that, of course. So, now what?