Tomorrow morning we get our first glance at second quarter GDP. That will dominate the news and everyone will forget that it’s a first estimate and subject to change. But something just as important is going to go on with national economic statistics tomorrow and will likely get lost in the mist for a few days.
The Bureau of Economic Analysis has better data than it did in the past and they are going to revise a whole lot of data going back to 1998. This could lead to changes that show the economy was not growing when we thought it was and vice versa. In other words, a whole lot of changes that economists and, yes, bloggers will be pouring over. There also changing the way they define certain types of spending and income. Presumably not so they can obfuscate outcomes.
Floyd Norris has a pretty good explanation so jump on the link and head over there for some more in-depth analysis. He’s also got a couple of good links for the wonkish among you. Just promise me you won’t spend your weekend figuring out all of this.