Economic Insights: GDP Revisions and Consumer Trends

Yesterday’s US GDP revisions offered several lessons to investors. The tendency for many countries to revise economic activity frequently, significantly, and positively is a reminder that real-time data lacks precision and data dependency is not a proper policy framework. Someone should attempt to explain that to Federal Reserve Chair Powell. The 2022 “technical recession” (a media term, not an economist’s term) was predictably revised out of existence.