GDP Revisions

One of my constant complaints about the government’s economic data is that it’s subject to endless revisions. Then the revisions are updated and the updates are subsequently revised. Geez, folks. Just wait till you get a final number and give it to me.
In Friday’s GDP report, the government revised all the GDP numbers going back to 2004. It turns out that the economy was a bit weaker than it originally said. They were only off by about $120 billion. Unless, of course, that gets revised.
Funny, I don’t feel any different.
Anyway, here’s a look at GDP, new numbers and old:

Eleven of the 13 quarters were revised lower. Here’s a look at the quarterly growth numbers:

…………………….Old………..…..New
Q1-04………..3.85%………….2.96%
Q2-04………..4.04%………….3.48%
Q3-04………..3.10%………….3.60%
Q4-04………..2.61%………….2.55%
Q1-05………..3.40%………….3.07%
Q2-05………..3.26%………….2.81%
Q3-05………..4.18%………….4.46%
Q4-05………..1.76%………….1.19%
Q1-06………..5.58%………….4.82%
Q2-06………..2.56%………….2.44%
Q3-06………..1.96%………….1.07%
Q4-06………..2.45%………….2.09%
Q1-07………..0.69%………….0.60%
Q2-07………………..…………….3.38%
(We pass the graphics savings on to you.)

Posted by Eddy Elfenbein on July 30th, 2007 at 2:02 pm

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