by Wolf Richter • Jul 22, 2018 • 23 Comments
At least one of them is very wrong: Atlanta Fed GDPNow v. New York Fed Nowcast.
On July 27, the Bureau of Economic Analysis (BEA) will release its “advance estimate” of GDP growth for the second quarter. Based on preliminary and incomplete data, this number is what everyone puts under the microscope.
On August 29, the BEA will release its “second estimate” for Q2 GDP growth, which will include more data. On September 27, the BEA will release its “third estimate.” In future years, it will further revise GDP growth as more data becomes available or gets revised. Only China releases a GDP growth rate that is perfect on day one, is always very high, comes out before the US release, and never needs to be revised.