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Politics : President Barack Obama
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To: RetiredNow who wrote (103538)10/29/2011 7:53:43 PM
From: tejek   of 149317
 
Here's a comparison of Advance, 2nd, and Final reports over time. Notice that with all the revisions going on, the BEA's final revised numbers are almost always lower than the preliminary numbers. The revision from 2006 to 2009 revised almost every number down, sometimes dramatically. This is all a really big joke. Bottom line is the government posts advance estimates based on what they want to sell to the unwitting public. Then they quietly revise everything to be more accurate later on, when no one is noticing. Good thing the Internet enables us to see all of these shenanigans and expose them for what they are. Also, it's a good thing we have groups like ECRI, which track the leading economic indicators that help us see what's coming a little in advance. Ignore them at your own peril.

All this estimating is not an exact science. And frankly, its not like they try to hide the revisions. Every revision is widely reported.
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