But wait, I thought we were in a deep recession?

GROSS DOMESTIC PRODUCT AND CORPORATE PROFITS: Second Quarter 2008 (Preliminary)

Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.3 percent in the second quarter of 2008,
(that is, from the first quarter to the second quarter), according to preliminary estimates released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.

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