Econbrowser: About that recovery you ordered
Imports were a huge drag on GDP in the second quarter. It is as if all the additional spending by U.S. consumers and firms went to buy imported goods and services, with no net positive contribution to the demand for domestic production.
Professor Hamilton takes a look at the recovery so far, and what stands out to him is how imports have grown so much, plus that the growth in GDP has been less than common in post-recession rebounds.