“You Are All $500 Billion Richer Now According To A Revised Biden Admin Spreadsheet” (9/27/2024). I received’t dissect the non-arguments within the article. I’ll simply observe that the GDP annual replace has introduced the GDP collection rather more in keeping with the Philadelphia Fed’s monitoring of output, in its Coincident Index.
Determine 1: Coincident Index (blue), GDP pre-update (tan), GDP post-update, GDPNow as of 9/27 (pink sq.), all in logs 2019Q4=0. Be aware that Q3 coincident index is predicated on common of July and August – therefore assumes zero progress in September. NBER outlined peak-to-trough recession dates shaded grey. Supply: BEA, Philadelphia Fed, Atlanta Fed, NBER, and writer’s calculations.
In different phrases, based on Zerohedge, it’s all a conspiracy to cover the “truth”, viz.:
…now {that a} completely timed and really strategic knowledge “revision” has are available in simply in time to drown out the quickly rising recession narrative, we will fake – if just for a number of months till the election – that US shopper and households are literally fairly wholesome, even when stated wholesome is completely fabricated and the results of a mouse click on… and nothing else.
If the conspirators are so omnipotent, you’ve gotta marvel why they didn’t manipulate the preliminary benchmark as effectively…(though see EJ Antoni on the assertion that BLS was intentionally tweaking upward preliminary employment releases).
