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Correction
Friday, April 6, 2012
In the previous post I said aggregate hours grew 2.4% in the second quarter. That is the March-June figure. For forecasting GDP growth it makes more sense to take the percentage change in quarterly average hours, which from Q1-Q2 was 3.3%. This makes a GDP growth rate of 4% for the second quarter quite plausible, but it doesn't change the fact that the economy is losing steam.
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