Looking Up – Less Doesn't Mean Less
J.Walker SmithYankelovich MONITOR®
As the economy looks to find a bottom, the bad news continues, but by and large the bad news is looking better.
Last Friday, the Commerce Department issued a revised estimate of first-quarter GDP. Instead of the initial estimate of a 6.1 percent annualized decline (see the May 5, 2009, Looking Up),the revised estimate is a 5.7 percent decline. This news is even more encouraging because it is due to a broad range of several factors, not just one isolated factor: slower-than-expected liquidation...