The Commerce Department released third-quarter gross domestic product numbers today, showing that the economy grew almost twice as fast over the summer compared to the spring.
Quarterly GDP numbers serve as a ready gauge of the relative health of the economy and are often the first statistic invoked to assess our current collective standard of living.
But how precisely is GDP calculated and what goes into these numbers?
Adam Davidson of NPR’s "Planet Money," with the help of MIT economist Simon Johnson, lays it out in the video below, the first in a series about economic issues produced in collaboration with Slate’s video team.
TODAY IN SLATE
The Democrats’ War at Home
How can the president’s party defend itself from the president’s foreign policy blunders?
Congress’ Public Shaming of the Secret Service Was Political Grandstanding at Its Best
Michigan’s Tradition of Football “Toughness” Needs to Go—Starting With Coach Hoke
A Plentiful, Renewable Resource That America Keeps Overlooking
Windows 8 Was So Bad That Microsoft Will Skip Straight to Windows 10
Cringing. Ducking. Mumbling.
How GOP candidates react whenever someone brings up reproductive rights or gay marriage.
You Deserve a Pre-cation
The smartest job perk you’ve never heard of.