Beyond the Palin
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What's the Big Picture?
The big news is that we thought before we thought that the economy had contracted very slightly in the last quarter. But actually, there's now a revision and it looks like it expanded very, very slightly. The bigger story is actually the revisions to the longer term outlook or the longer term path of the economy. So if you look at what's been happening over the last few years, the revisions suggest that actually the downturn was even deeper than we thought.
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