MSN: Economists and analysts who have in the past decade found themselves puzzled by the U.S. Census Bureau’s monthly survey on the construction industry may have just been vindicated. In a release of its estimates for the month of November, the Census Bureau on Monday included a footnote indicating that it had restated each of its monthly estimates going back to January of 2005.
This author puts the GDP cost at about a quarter point. Mish had it at a half point. Either revision puts Q4 close o zero, with a rising unemployment rate. The Baltic dry index has also dropped to record lows. California growth in Q4 is likely a half point. Absent a Chinese home buying surge, the Blue Bar is here.
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