Denninger has a very good breakdown for GDP report.

By Daniel at 29 October, 2009, 9:58 pm

Link: http://www.market-ticker.org/archives/1550-GDP-Is…..-Better-Than-Expected.html

“Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 3.5 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent.

Looks good, right?

Hmmmm…. or is it?”