Year-on-year picture:

Figure 1: Year-on-year growth rate of GDP, seasonally adjusted (blue), not seasonally adjusted (tan), and not seasonally adjusted GDO (green). GDO is the arithmetic average of GDP and GDI. Growth rates calculated using log differences. Source: BEA, and author’s calculations. 

Keep reading this article on Econbrowser Blog - James Hamilton & Menzie Chinn.

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