By Andrea Riquier
“In the November 2015 press release, monthly and annual estimates… for January 2005 through October 2015 have been revised to correct a processing error in the tabulation of data on private residential improvement spending.”
That sounds innocuous, but the improvements category account for about one-third of private residential spending, or 13% of the overall total. In November, improvements amounted to a seasonally adjusted annual rate of $144.26 billion.
The change will have a sizable impact on GDP. “The upward revision to spending in 2014 is enough to raise growth that year from 2.4% to 2.6%-2.7%,” wrote IHS Global Insight US economist Patrick Newport in a research note. “The revisions are likely to boost growth for 2015 as well.”
Read the Full Story HERE >>>> Source: Here’s how the government miscalculated a decade’s worth of construction data – MarketWatch