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Strategies & Market Trends : The Residential Real Estate Crash Index
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From: Les H7/30/2010 9:28:34 AM
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The old shove the worst of the recession back into the previous administration trick:

The new data show that the worst quarter of the recession was the last quarter of 2008; previously, the worst quarter of the recession had been reported as the first quarter of 2009.

In 2008, the government said, the economy grew at a 0.6% pace in the second quarter (slower than the previously reported 1.5%). It contracted at a 4% rate in the third quarter (much deeper than the previous 2.7% decline) and a 6.8% rate in the fourth (compared to a 5.4% previously reported decline.)

In 2009, the economy contracted at a 4.9% annual rate in the first quarter (from a previously reported 6.4% drop). The second quarter estimate was unchanged at a 0.7% drop.

Meanwhile, the early stages of recovery were slower. The economy expanded at 1.6% annual rate in the third quarter of 2009 (previously 2.2%) and a 5% rate in the fourth quarter (previously 5.6%).

The revisions help explain why the U.S. economy has lost so many more jobs than economists would have predicted given the magnitude of the previously reported drop in GDP; that is, the previously reported drop in GDP was misleading.

The 2007 growth rate was revised down 0.2 percentage point to 1.9%, the department said. In 2008, the economy, which previously was said to have grown a slight 0.4%, didn't grow at all. And in 2009, the economy contracted 2.6%, which is 0.2 percentage point more than previously estimated.

online.wsj.com
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