Former Federal Reserve Chairman Alan Greenspan thinks the economy has already turned around.
Greenspan told ABC News on Sunday he’s "pretty sure we've already seen the bottom."
Now, companies must restock quickly to get ahead of demand, which he sees spiking higher in the third quarter.
“It strikes me that we may very well have 2.5 percent in the current quarter," he said.
The economic contraction slowed in the second quarter, to 1 percent annualized, down sharply from a 6.4 percent drop in the first three months of the year.
Forecasters had expected negative 1.5 percent growth in the second quarter.
In addition, early GDP numbers are often revised later when more complete data is released. It may well turn out that the recession is over right now, at least in technical terms.
Jennifer Lee at BMO Capital Markets told AFP that the figures suggest that the end of the downturn is in fact here now.
"The results set the stage for a positive read on the GDP in the third quarter, which means that the recession will likely be wrapped up in the July-to-September period," Lee said.
© Newsmax. All rights reserved.