3Q25 GDP: Half Full, Half Empty — and Still Missing the Point
If you listened only to the loudest voices after the US 3Q25 GDP release, you’d think two completely different economies were being described. On one side, there was genuine enthusiasm—bordering on celebration—over “nearly 5% GDP growth,” cited confidently and repeatedly, with little attention paid to qualifiers like nominal, inflation, or composition. On the other side,…
