THEECONOMICSITUATIONINTRODUCTIONWithjustthreemonthstogobefore2023’sbooksclose,recessionbloodhoundsarestillsniffingforthescentofthemuch-expectedFed-inducedsevereeconomicslowdown.We’veheardmuchhowling,butthankfully,recessionpredictionsofnegativegrowthinthisyear’slat-terhalfhavesofarprovedwrong.TheoutlookturnedmoreoptimisticwhentheCommerceDepartment’sfirst-quarterestimateof1.3per-centrealGDPgrowthwasrevisedupwardsignificantlyinJuneto2.0percent.1Then,inlateJuly,thedepartment’sfirstestimatefor2023’ssecond-quarterrealGDPgrowthcameinatahealthy2.4percent.2Thisfigurewasthenreviseddownwardto2.0percentonAugust30.3There’snotasniffofrecessioninthosenumbers.Driv...