WSJ: GDP revisions

The Commerce Department is out this morning with new figures on the US economy — more specifically, on how the economy’s growth in the second quarter slowed far more than had been expected. They also revised (downward, naturally) earlier estimates for the first quarter and all of 2001.

What the Commerce Department does with these revisions reminds me of Dave Winer’s comments about re-writing weblogs! It’s like the Commerce Department also “edits in public”! Those responsible at the Commerce Department go to some length to explain their fuzzy process for putting together the GDP estimates.

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