Initial GDP vs. Revised GDP
If you ever wanted proof that government economists have an overly-optimistic bias, here is a nice piece of supporting evidence.
Jake at Econompic put together this gem: Great Recession was Worse than Thought
I detailed that Q1 GDP was revised up one full point... great news right?
Not when past quarters have been revised down. Per Calculated Risk:
The recession was worse in 2008 than originally estimated.Q1 2010 was revised up, but Q3 and Q4 2009 were revised down. So the recovery is a little weaker than originally estimated. On a cumulative basis over this time frame, the current level of GDP is 0.8% smaller than previously estimated.