Blimey, that IS strong growth

Initially I wondered why everyone was responding so enthusiastically to reports that UK growth in 2010Q2 was 1.1 percent. In the US we're concerned that second quarter growth might be "only" 2 percent. As it happens, though, the UK statistical agencies report quarterly growth rates, not annualized quarterly rates as in the US. So the 1.1 percent growth is the equivalent of 4.4 percent in US reports. Brilliant!