Economic News Revised Downward: It Is Worse Than Originally Reported

Susan Duclos – The economic news has been bad, but with the newly released Bureau of Economic Analysis release from the U.S. Department of Commerce, we see the original estimates were actually good compared to the reality.

Via Business Insider:

The third reading on Q2 GDP just came out and the report was ugly.

The headline growth number was revised down to 1.3 percent on an annualized basis.
Economists expected the number to be unchanged at 1.7 percent.

“As we recently noted, you’ll need to watch the rear-view mirror to see the recession come into focus,” wrote ECRI’s Lakshman Achuthan in an email to Business Insider.

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