We are back in a technical recovery
The latest batch of GDP numbers saw some heavy downward revisions to prior numbers, especially during the recession of 2008-2009. In fact, the GDP revisions were so extensive, they put us back in the ‘technical recovery’ phase i.e. where we are still below the previous 2007 Q4 real GDP peak.
Before the revisions, the GDP numbers suggested we had already hit the previous peak real GDP number in Q1.