Squeak! We roared.

Hot Air has a post on the GDP report just released up 2.4% annualized for Q2. My thoughts:

1. The 'roaring back' part of recovering from the worst post WWII recession ever has ended in a squeak.

2. Savings rates remain high because confidence remains low

3. There isn't really any momentum anywhere, unless you count government activity as a momentum item rather than a confidence destroyer as I do.

4. The hole remains confidence. Animal spirits drive growth and historically the US has had the baddest animals in the forest. We all seem to be hiding in our burrows.

All in all the American Economy seems to be stuck in limbo, sort of like the garden zombie in my last post.