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Major revisions to the GDP data
Friday, July 31, 2009
There will be more on today's Commerce Department report on economic growth in a little while - second quarter GDP came in at an annual rate of -1.0 percent. I'm still having a hard time understanding the scope of the revisions to this data as shown below.
Data for the last year or so was revised downward pretty drastically - sequential quarterly growth rates in 2008 and early 2009 were updated as shown below:
It was worse than we thought...
2 comments:
I thought I read somewhere that the methodology for calculated GDP was changed this quarter--maybe this is a source of the variation.
How can anyone trust government statistics when the vast majority of times, numbers are posted good and then months later revised downward. This makes the current situation look better and allows people to trade on falsely better data. If this was a company (one that does not own our "representatives") they would be investigated for fraud.
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