Ehhh, not so great. The GDP shrank at a 6.1 percent annualized rate, about on par with last quarter's 6.3 percent annualized drop (some economists were predicting a 4.7 percent plunge). While it's too early to say whether this reflects the president's economic policies (it will probably take until next fall to assess the efficacy of the stimulus and other counter-cyclical measures) the fact that the GDP's plunge has been consistently outstripping expectations should raise concerns that they are not large enough.
There is good news, though. Consumer spending has gone up 2.2 percent, credit markets have stabilized (thanks in good part to the efforts of Tim Geithner and Ben Bernanke), and Tuesday's housing price measures leveled off instead of falling. But overall, the news should temper anyone getting too exuberant about the hundred-day hoopla.
-- Tim Fernholz
