Large Wholesale Revisions Confirm A Lot About 2015/16
In July last year, the BEA reconfigured its GDP benchmarks to incorporate the results of the comprehensive 2012 Economic Census. That broad and deep survey found much less “recovery” than the BEA had originally anticipated through its system of stochastic predictions. It is believed that these statistical agencies of the government actually measure results in the real economy but in [...]
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