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⚠️In 2008, Q2 GDP came in at +2.3% signaling a soft landing! Recession averted!!! 🥳🍾👏
In reality, we were already in a recession but numbers lagged. Q3 GDP was -2.1% and Q4 was a staggering -8.5%
The stock markets ultimately crashed for -57% #stockmarket twitter.com/i/web/status/1…
In reality, we were already in a recession but numbers lagged. Q3 GDP was -2.1% and Q4 was a staggering -8.5%
The stock markets ultimately crashed for -57% #stockmarket twitter.com/i/web/status/1…
The problem with a lot of data is that it lags and government reporting is very poor at times.
PERFECT example. The BEA initially reported a GDP estimate of -3.8%
It later revised to -6.5%
That was later revised to -8.3%
The final GDP ended up 127% lower.
That's 127%...
PERFECT example. The BEA initially reported a GDP estimate of -3.8%
It later revised to -6.5%
That was later revised to -8.3%
The final GDP ended up 127% lower.
That's 127%...
In case anyone misunderstands the severity.
The BEA is the Bureau of Economic Analysis.
The GDP is "THE" economic number. It is the Gross Domestic Product. Akin to a company earnings only for a country.
They didn't miss by 10% or 15%. Their report was off by 127%
The BEA is the Bureau of Economic Analysis.
The GDP is "THE" economic number. It is the Gross Domestic Product. Akin to a company earnings only for a country.
They didn't miss by 10% or 15%. Their report was off by 127%
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