That 3% GDP growth number was bizarre
While the jobs numbers had this big kind of mysterious revision, if they didn’t have the revision, then the jobs numbers were fully consistent with a 3% GDP growth we also so last week, and that’s even before the Big Beautiful Bill passes… — Kevin Hassett on Fox By now, the news that the Bureau of Labor Statistics (BLS) reported weak job growth for July and revised its estimates for May and June down very substantially has spread beyond the usual audience of connoisseurs. Though those revisions were large by historical standards,… Read More
Response to Rasmus
Here’s my response to Jack Rasmus’ complaint about my fact-checking him (“GDP revisions: not a conspiracy, Jack”). His words are in purple italics; mine, in normal type. GDP for 2012, as I pointed out in my prior article, ‘Economic Recovery by Statistical Manipulation’, was raised by almost 33% as a result of the BEA revisions–from the 2.1% annual growth to 2.8%. GDP wasn’t revised up by almost 33%—it was more like a tenth that. Rasmus means that the growth rate was revised up by 33% (no almost about it). It’s a minor error, but… Read More
LBO News from Doug Henwood 