Yes, all you Americans are richer this week. It might not feel like it but you are indeed richer, for the US Commerce Department has revised up its GDP numbers all the way back to 1929. Crossing Wall Street has the scoop:
The Commerce Department released its second-quarter GDP report this report and along with it, they revised ALL the GDP numbers going back to 1929....
Here are the recent old and new quarterly growth numbers. There are some significant changes. For example, the fourth quarter of 2007 was -0.17%, now it’s positive 2.12%. According to NBER, the recession began in December 2007.
The first quarter of 2008 used to be positive 0.87%, now it’s -0.73%. Growth for the second quarter of 2008 was nearly cut in half. The contraction for the third quarter of 2008 was more than five times worse than originally thought!
So, if you thought life was tough, it was a figment of your imagination. Just remember: you are richer than you thought! As for Canadians, we are still poorer and no statistical agency is coming to save our day :( Tags: commentary