\u201cYou Are All $500 Billion Richer Now According To A Revised Biden Admin Spreadsheet\u201d<\/a> (9\/27\/2024). I won\u2019t dissect the non-arguments in the article. I\u2019ll just observe that the GDP annual update has brought the GDP series much more in line with the Philadelphia Fed\u2019s tracking of output, in its Coincident Index.<\/p>\n Figure 1:<\/strong> Coincident Index (blue), GDP pre-update (tan), GDP post-update, GDPNow as of 9\/27 (red square), all in logs 2019Q4=0. Note that Q3 coincident index is based on average of July and August \u2013 hence assumes zero growth in September. NBER defined peak-to-trough recession dates shaded gray. Source: BEA, Philadelphia Fed, Atlanta Fed, NBER, and author\u2019s calculations.<\/em><\/p>\n In other words, according to Zerohedge, it\u2019s all a conspiracy to hide the \u201ctruth\u201d, viz.:<\/p>\n \u2026now that a perfectly timed and very strategic data \u201crevision\u201d has come in just in time to drown out the rapidly rising recession narrative, we can pretend \u2013 if only for a few months until the election \u2013 that US consumer and households are actually quite healthy, even if said healthy is totally fabricated and the result of a mouse click\u2026 and nothing else.<\/span><\/p>\n<\/blockquote>\n If the conspirators are so all-powerful, you\u2019ve gotta wonder why they didn\u2019t manipulate the preliminary benchmark as well\u2026(although see EJ Antoni on the assertion that BLS was deliberately tweaking upward preliminary employment releases<\/a>).<\/p>\n \u00a0<\/p>\n<\/p><\/div>\n <\/p>\n![\"\"](\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/09\/coin_gdpupdatepix.png\")
<\/a><\/p>\n\n