Jul
29

Economic Do-Over

The 14th comprehensive benchmark revision to all GDP accounts from 1929 forward will be released later this week. The revisions will probably show faster recent GDP growth bringing it line with improved employment numbers in 2012, higher labor productivity growth, higher household savings rates and higher personal incomes. In short, households will be found to be wealthier and more frugal and the economy better than previously reported. Taper on!

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