odd. The Street was perfectly happy with the current methods when they showed a rising GDP... Now all of a sudden they're "inaccurate" and "unreliable" huh?
US GDP Estimates Proven Useless: It's Time to Replace Them
Today's numbers highlight many of issues surrounding GDP reporting and estimates. US GDP Down Record 32.9 Percent Earlier today, I noted the US Economy Declines by a Record 32.9 Percent. The economy did not drop by a third. But that is what it looks like when you take quarterly numbers and annualize them. That we can deal with, but the process of taking inaccurate estimates then annualizing the data and revising them multiple times, with enormous delays on top of it all serves no purpose. Rick Davis at the Consumer Metrics Institute finished his column today with a rant on that idea. Let's tune in. Fatally Flawed ... (full story)