|Ben Bernanke in the ritual robes of|
Supreme High-Priest of Monetary Policy
& Federal Reserve Chairman
Recent revisions of government economic data show the recession as having been even deeper, and the recovery weaker, than previously estimated; indeed, by the second quarter of this year--the latest quarter for which official estimates are available--aggregate output in the United States still had not returned to the level that it had attained before the crisis. Slow economic growth has in turn led to slow rates of increase in jobs and household incomes.Time to start building an ark? Perhaps... Certainly time to go to Home Depot and price the wood and nails to build one. How many cubits in a foot again?
The pattern of sluggish growth was particularly evident in the first half of this year, with real gross domestic product (GDP) estimated to have increased at an average annual rate of less than 1 percent.