With business investment bouncing back and consumption continuing to grow, real gross domestic product seems to have been advancing at approximately a 4 percent annual pace over the first half of the year. In addition, both the labor market and the manufacturing sector, two areas that had been lagging through most of the recovery, appear to have finally started to advance.
Benoît Cœuré: Which models do we need in times of crisis? Speech by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the Bank of France, CEPREMAP, Federal Reserve Bank of Atlanta and Centre d’Analyse Stratégique international conference on “Macroeconomic modeling in times of crisis”, Paris, 26 October 2012.