How Slow Is Slow?

News today suggest that US second quarter growth forecasts have been 'reduced' to 3.2%, and I've finally found the Brad DeLong link I was looking for. Brad's link was in fact a link to David Altig's blog, but still: the point is, as Altig suggests: who would ever have have imagined that a growth estimate reducing to a 3.2% annual growth rate could be seen as bad news. Over here in Europe these kind of numbers would have us jumping up and down with glee. (Altig, BTW, was talking about the 3.1 % first quarter numbers, but the point still stands).