Dude, Where’s My Recession?: The Series

Here's what the folks over at Macroeconomic Advisers are saying after feeding the latest data into their computer model:

Nonautomotive wholesale inventories were revised up for April and rose more than we had assumed in May. Therefore, we raised our tracking estimate of GDP growth in the second quarter by one-tenth to 3.0%.

But again, I am not saying we are in some sort of economic boom. I think John McCain has it about right. This is what he told MSNBC this morning:

I would imagine that, technically, there is some question amongst economists about that, but the fact is Americans are hurting, they are hurting badly...Eighty-some percent of the American people think the country is on the wrong track, approval ratings of Congress—I saw one poll, 12 percent, the lowest in 40 years...If we're technically in a recession or not, I would imagine that we are...but the major thing is that Americans are hurting and Americans don't like it and they think America is in the wrong direction.