The BEA revised its consumer spending data for 2008 & 2009, and the revisions give good reason to be more pessimistic about this recovery.
However, I continue to believe that there will be a partial recovery, meaning that the ratio of employment to population will return (only) about half way to what it was before the recession. I think even the revised consumption data support this. Moreover, if there were never to be a recovery, even partial, then investment would not have fallen so much initially, and would not show the kind of recovery it shows now.
However, I continue to believe that there will be a partial recovery, meaning that the ratio of employment to population will return (only) about half way to what it was before the recession. I think even the revised consumption data support this. Moreover, if there were never to be a recovery, even partial, then investment would not have fallen so much initially, and would not show the kind of recovery it shows now.
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