Dude, Where's My Recession? The Series

New government GDP number reveals the economy's resilience.

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So it looks as if the economy was a bit stronger in the first quarter than first estimated, up 1 percent rather than 0.9 percent. The details of the revision also make it more likely that 2Q will be safely positive. In short, the economy grew during the final quarter of last year, the first quarter of this year, and very likely during the current quarter. Lousy growth, absolutely. But no recession despite a housing meltdown, credit crunch, and oil superspike. This is why I call the U.S. economy the Amazing American Growth Machine.