Having dealt with BEA & BLS, I don't believe "they" jigger methodologies to satisfy the White House. If they did, you would have expected it for the run-up to the 2012 national elections, not this year.
Note that if GDP is measured differently, so too would potential GDP. Hence the output gap, which is really the key number in all this, would still be scandalously large. And the employment/population ratio still sucks. On Wed, Jul 31, 2013 at 9:47 AM, Jim Devine <[email protected]> wrote: > the key question is whether or not the new measure of GDP is more > accurate than the old. I don't think so. > > note that they haven't (yet) played with the unemployment numbers to > make them look good. That's rather more important to "Main Street" > than GDP numbers. > > On Wed, Jul 31, 2013 at 6:34 AM, Louis Proyect <[email protected]> wrote: > > Inside The Numbers > > Economic Recovery by Statistical Manipulation > > by JACK RASMUS > > > > Facing the prospect of a 2nd quarter GDP report showing economic growth > > less than 1% (some professional forecasting services predict as low as > > 0.5%), and a year to year growth of the US economy likely to come in at > > barely 1%–compared to a 2011-12 already tepid 1.7%–today the Obama > > administration will announce a major revision of how it calculates GDP > > which will bump up GDP numbers by as much as 3% according to some > > estimates. That’s one way to make it appear the US economy is finally > > recovering again, when all other fiscal-monetary policies since 2009 > > have actually failed to produce a sustained recovery. > > > > full: > > > http://www.counterpunch.org/2013/07/31/economic-recovery-by-statistical-manipulation/ > > _______________________________________________ > > pen-l mailing list > > [email protected] > > https://lists.csuchico.edu/mailman/listinfo/pen-l > > > > -- > Jim Devine / "Reality is that which, when you stop believing in it, > doesn't go away." -- Philip K. Dick > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l >
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