The US recovery, the Long Depression and Pax Americana

Michael Roberts Blog

Revised figures for growth in the US economy in the second quarter of this year were released yesterday. Most analysts were pleased as the rise in real GDP in Q2 2-14, was revised up from a 4.0% annualised rate to 4.2%. The drop in real GDP for the first quarter of this year was confirmed at -2.1%. When compared to the prior quarter, the new measurement is up about 6.3% pts from the -2.1% contraction rate for the 1st quarter of 2014. This is the largest positive quarter to quarter improvement in GDP growth in 14 years.

The reason for the slight rise in the revised figure was that business investment (i.e. investment by companies in new equipment, offices and technology as opposed to residential investment by household buying houses) was revised up from 5.5% to a 8.4% annual rate of growth. At the same time, the first figures for…

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