by Calculated Risk on 7/30/2010 02:04:00 PM

In the previous post I confused annual rates and quarterly rates. Sorry.

Real PCE is 0.85% below the pre-recession peak, so PCE would have to grow at 3.4% in Q3 for the economy to be back to the pre-recession level.

Real GDP is 1.1% below the pre-recession peak, so GDP would have to grow at 4.3% in Q3 to be back to the pre-recession level.

With a 2nd half slowdown, I don't expect to reach those levels until the end of the year or in 2011.

Note: the graphs and quarterly data are all correct - just the annual comment that I added was in error (ht Tehan)