Re:How much have layoffs affected engineers vs. other depart...
by RC_ITR on Friday October 14, 2022 @12:06AM
(#33199523)
My point is that an amount of economic activity happened (let's simplify and say that its consumption/investment/government spend).
GDP measures how much a country makes, but that's only a proxy for economic activity because trade imbalances exist (and the US economy greatly benefits from its trade imbalance).
So the unprecedented lumpiness of imports shouldn't mislead you into thinking US domestic economic activity is down, when in fact it's just being financed differently (now more via trade imbalance than in previous quarters).
Again, all circling back to my point that the 2Q's of GDP rule is dumb.
GDP measures how much a country makes, but that's only a proxy for economic activity because trade imbalances exist (and the US economy greatly benefits from its trade imbalance).
So the unprecedented lumpiness of imports shouldn't mislead you into thinking US domestic economic activity is down, when in fact it's just being financed differently (now more via trade imbalance than in previous quarters).
Again, all circling back to my point that the 2Q's of GDP rule is dumb.