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
Here’s Where We Stand With Ebola
Even experienced international disaster responders are shocked at how bad it’s gotten.
Why Are Lighter-Skinned Latinos and Asians More Likely to Vote Republican?
A Woman Who Escaped the Extreme Babymaking Christian Fundamentalism of Quiverfull
Subprime Loans Are Back
And believe it or not, that’s a good thing.
It Is Very Stupid to Compare Hope Solo to Ray Rice
In Defense of HR
Startups and small businesses shouldn’t skip over a human resources department.