US Government Discovers 10 Years Of “Processing Errors” In Construction Spending Data Slamming GDP
zerohedge.com / by Tyler Durden on 01/04/2016 17:42
Even as increasingly more parts of the economy, especially those with exposure to manufacturing and industrial production, sink into the recessionary quicksand, one sector that was seen as immune from the malaise gripping US manufacturing and was outperforming the overall growth rate of the US economy, was housing, and specifically spending on private and public construction: a direct input into the GDP model.
That all changed today when the US Census released its latest, November, construction spending data, which not only missed expectations of a 0.6% increase, but tumbled -0.4%, the most since June of 2014, while all the recent changes were mysteriously revised lower.
And then the source of the mystery was revealed: in the fine print of the release, the government made a rare admission: all the construction spending data for the past 10 years had been “erroneous.”
The post US Government Discovers 10 Years Of “Processing Errors” In Construction Spending Data Slamming GDP appeared first on Silver For The People.
Source: http://silveristhenew.com/2016/01/04/us-government-discovers-10-years-of-processing-errors-in-construction-spending-data-slamming-gdp-2/
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