Things Are Getting Better. But They're Still Not Good. (Cont'd)

The latest GDP numbers are out this morning, and they paint a familiar picture.

Like the Fed's statement earlier this week, the trends in GDP suggest that things are getting better — but they're still not good.

GDP rose at an annual rate of 3.2 percent in the first quarter of this year. That's a promising sign, and it's roughly in line with economists' expectations.

But, as Calculated Risk points out in the graph below, real GDP — a key measure of the standard of living — is still lower than it was before the downturn. Click on the graph to see a larger version.

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