An Economy Out of Season

To every thing there is a season. But since Covid-19 struck, the seasons aren’t what they used to be.

On Thursday, the Commerce Department reported that gross domestic product grew at a 2% annual rate in the third quarter, slowing from the second quarter’s 6.7% pace. Absent the Commerce Department’s adjustments for seasonal swings, however, the economy grew at a 2.9% annual rate in the third quarter…and 19.5% in the second.