I detailed that Q1 GDP was revised up one full point... great news right?
Not when past quarters have been revised down. Per Calculated Risk:
The recession was worse in 2008 than originally estimated.Q1 2010 was revised up, but Q3 and Q4 2009 were revised down. So the recovery is a little weaker than originally estimated.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjte7FkgB15nE1OgzR3d2MAdY9iv1RfNNsa-1fc4BRNuy1NZNiqUn6cbf9MT7pgvGqHEuRzIcI6XNXtYd8424ur96wJzPizqkWbrjoz5fxsRaVgdLQmnq_-lSbYmV9nukRya6RYcpXk1Q/s800/gdprev.png)
On a cumulative basis over this time frame, the current level of GDP is 0.8% smaller than previously estimated.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsLuWWG1JelDEe9ySX21InPy03Pcl186GgvOFsMTwRKyN9tv2zN_eDsc6_LWCXhu2f6B2udTcDmu7ovo8MP5_b5FOZRQPn6NVql0xt99Zpo9_2fV8wW7DnYzyNa3-SOTHEBkBJFr2htg/s800/gdpdown.png)
Source: Calculated Risk
Initial vs Revised gap keeps getting bigger. Of course headlines are all that matter so the revisions are a waste of time anyway.
ReplyDeletei know you're being sarcastic, but over the long term i am of the believer that reality matters
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