Friday, August 9, 2013

Suddenly, everything is different

Bill C reviews the new revisions to GDP at Twenty-Cent Paradigms:

The interesting thing in the release was not the second-quarter numbers, but rather the "comprehensive revision" of all the past data that came with it. The BEA does this about every 5 years to incorporate changes in definitions and methodology. By its new reckoning, US GDP is about $550 billion (3.4%) larger.

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