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Tarponator
Posts: 20,536 AG
https://www.marketwatch.com/story/first-quarter-gdp-marked-down-to-2-from-22-2018-06-28
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In the past, this type of revision has been described by some around here as a conspiracy to overstate the economy by prior administrations. I've even seen it called evidence of the mythological deep state.
With the latest revision downward in 1Q of this year, is this still the case, or is now understood that the truth of the matter is that estimates are estimates for a reason, and they can and should be revised with real data as it is available?
What do you think?
First quarter GDP revised down to 2% from 2.2%
Tarponator
Posts: 20,536 AG
First-quarter GDP marked down to 2% from 2.2%
Published: June 28, 2018 11:33 a.m. ET
The numbers: The growth in the U.S. economy in the first quarter was trimmed to 2% from 2.2%, largely reflecting lower spending on health care and a somewhat smaller buildup in inventories.
Economists polled by MarketWatch had predicted gross domestic product would be unchanged.
------------------------------------------------
In the past, this type of revision has been described by some around here as a conspiracy to overstate the economy by prior administrations. I've even seen it called evidence of the mythological deep state.
With the latest revision downward in 1Q of this year, is this still the case, or is now understood that the truth of the matter is that estimates are estimates for a reason, and they can and should be revised with real data as it is available?
What do you think?
Replies
Winning!
That's an interesting definition of winning, that's for sure!
You do realize that just means the health care spending estimate was too high rather than any downward trend in spending, don't you?
The reason the revision went down was because actual results were below estimates.
Why do you think it was revised downwards?
I'm guessing your reason this time is not "a conspiracy to inflate GDP" and instead something more like evidence of "winning".
Tell us, why was it revised downward, Salty?
Former Mini Mart Magnate
I am just here for my amusement.