That's a trajectory from disappointed to worse, in the real GDP numbers. Perhaps some interesting analysis of the sectoral breakdowns later. One constant word of caution is to not put too much stock in the initial GDP estimates, which tend to get revised a lot. Which is to say that even though the Q2 number is worse than the Q1 number, the Q1 number is probably the "real" bad news here if only because it's much more likely to be accurate.
In nominal terms, we got a 4.2 percent increase in aggregate spending in Q1 and a deceleration to 3.1 percent in Q2. Recall that during the "Great Moderation" nominal GDP rose at about 5 percent a year. Not only did we plunge way off that trend during the crash of 2008, but we've tended to sporadically lose ground during the subsequent recovery.
TODAY IN SLATE
The Democrats’ War at Home
How can the president’s party defend itself from the president’s foreign policy blunders?
An Iranian Woman Was Sentenced to Death for Killing Her Alleged Rapist. Can Activists Save Her?
Piper Kerman on Why She Dressed Like a Hitchcock Heroine for Her Prison Sentencing
Windows 8 Was So Bad That Microsoft Will Skip Straight to Windows 10
Homeland Is Good Again! For Now.
Cringing. Ducking. Mumbling.
How GOP candidates react whenever someone brings up reproductive rights or gay marriage.
How Even an Old Hipster Can Age Gracefully
On their new albums, Leonard Cohen, Robert Plant, and Loudon Wainwright III show three ways.