the BEA’s track record of late has been one of initial optimism, followed a year later by quiet revisions downward towards a darker reality — one far closer to what “Main Street” America has been feeling all along.
Tag Archives: GDP revision
Massive GDP Revision Implications
The BEA latest revisions have decreased the divergence between CMI’s Daily Growth Index and GDP. Will future revisions of recent data improve the correlation further?
The Great Recession Just Became Greater
Included in the BEA’s first (“Advance”) estimate of second quarter 2011 GDP were significant downward revisions to previously published data, some of it dating back to 2003. Astonishingly, the BEA even substantially cut their annualized GDP growth rate for the quarter that they “finalized” just 35 days ago — from an already disappointing 1.92% to only 0.36%, lopping over 81% off of the month-old published growth rate.