How can such an important number change so drastically? The answer in this case is surprisingly simple: the Bureau of Economic Analysis, charged with crunching the numbers, concluded that it had underestimated the value of vehicles sitting at dealerships and the nation’s spending on imported oil.
More broadly, politicians and investors are placing a great deal of weight on a crude and rough estimate that has never been particularly reliable.
“People want the best information that we have right now. But people need to understand that the best information that we have right now isn’t necessarily very informative,” said Tara M. Sinclair, an assistant professor of economics and international affairs at George Washington University. “It’s just the best information that we have.” Times
Economists can't figure out that central government is collecting data over the whole of nine separate economies, they will always be late. By the time economics data hits DC, here in the West it has already been collected and acted upon. Further, the private sector spend as much time and effort collecting that data, and they have always acted on it locally before they give it to central government. Look at the Ceridian, California is 180 d out of phase with DC.
This is idiot economists attempting central control in a delusion. We have a bunch of these economists at UC Berkeley. Hilariously, they wait until the BEA has the data before, even while their layoff notices are in the mail.
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