OK, well now it's official really: the US economy is slowing. But that still doesn't tell us how far or how fast. We just have to watch and wait.
U.S. economic growth slowed to a weaker-than-expected annual rate of 2.6 percent in the second quarter, reflecting a slackening in business spending, consumer demand and homebuilding that may carry into 2007.
The gain in gross domestic product, the value of all goods and services produced in the country, compares with the government's 2.9 percent preliminary estimate last month and follows a 5.6 percent pace in the first three months of 2006, the Commerce Department said today in Washington. A measure of inflation eased from the government's prior estimate.
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so "all the running they could do" was not enough to stay in the same place, after all...
http://globaleconomicanalysis.blogspot.com/2006/02/red-queen-race.html
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