GDP data was reported today. I trust Consumer Metrics Institute to analyze the full report.
Summary and Commentary
Our observations this month are focused on the BEA’s revisions to the historic data:
The revisions follow a recent annual pattern of the BEA revising historic quarterly growth rates lower. This revision removed -0.22% on average from previously reported growth rates, while the 2014 revisions removed -0.19% on average from the then previously published growth rates (and another -0.09% was removed on average in 2013). The cumulative impact of the successive hair-cuts has reduced historic growth rates by an average approaching one half percent relative to “final” headline numbers