On revisions, episode VII

January 24, 2010 in Economics

Via The Big Picture comes news of a rather substantial revision of numbers from last November:

You may recall that consensus for November’s Durable Goods had been +0.5%.  The reported data was lighter than expected at +0.2%. Looking at the revisions the Census Bureau has now incorporated into the data, we see that November actually printed at -0.7%.

The critical point is that this would represent two consecutive months of negative growth - a feat not accomplished since last January. For the record, the swing of more than 1% was officially attributed to a "processing error."

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