|
| http://hotair.com/archives/2009/12/22/q3-gdp-revised-sharply-downwa...
Business investment, a key indicator of recovery, fell 5.9% instead of the previously reported 4.1%. Nonresidential construction was worse than first thought, which shows how much that tax credit impacted the residential construction market. Even the good news wasn’t quite as good as first thought. Consumer spending rose 2.8% instead of 2.9%, much of that from the Clunkers program and the tax credit.
Most troubling is Commerce’s poor performance in analyzing economic conditions. If they’re so incompetent as to miss this figure by 37% (1.3 from 3.5 is slightly over 37%), then clearly they need some fresh talent. If they got pressured into stating overly cheerful numbers, it’s something else entirely. That would be something Congress should investigate … if we had an independent Congress at all. | |
|
Q3 GDP 2nd revison---down sharply.......
