Wednesday, August 30, 2023

The tactic of releasing favorable statistics to applause and quietly revising the down sometimes later

Add Q2 GDP To List Of Economic "Data" Revised Sharply Lower By Biden Administration

Tyler Durden's Photo
BY TYLER DURDEN
WEDNESDAY, AUG 30, 2023 - 06:09 AM

Another data point, another major downward revision lower.

In the past month, the Biden Department of Goalseeking Stuff Higher Before Quietly Revising It Lower The Next Month (BDOGSHBQRILNM) has been busy, and after slashing jobs, JOLTS, new home sales, housing starts and permits and industrial production, moments ago it took the machete to Q2 GDP, which in the first revision of the "data" was just cut to 2.1% (or rather 2.07% to be specific), down from an initial "red hot" print of 2.4% which turned out to be nothing more than some overzealous political activist's excel adjustments, and well below the consensus estimate of 2.4%.

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