The Double-Dip Recedes

Oct 27 2011 @ 1:06pm

That's the securest read I have on the provisional GDP numbers for the third quarter. Economists, believe it or not, differ on what the data means. But the fact that inventories are low and that consumer spending was behind much of the growth suggests a possibly strengthening fourth quarter. Maybe this won't impact the unemployment rate much or shift consumer confidence. But politically, the critical issue is the narrative. If we sustain a modest recovery that continues, then I suspect voters, understanding the gravity of the crisis this president inherited, may be more forgiving next autumn than this one. If we are moving in the right direction, however slowly, attitudes shift.