Dollars and Jens
Friday, July 28, 2006
The GDP report came out this morning, and it's time to criticize financial reporting, but this time on grammatical grounds:
The 2.5 percent pace was the slowest [sic] since a 1.8 percent growth rate in final quarter of 2005, when the economy was suffering fallout from the devastating Gulf Coast hurricanes.Of course, what they mean is that this pace was the slower since the final quarter of 2005, there only having been one intervening.
If you want something done right, do it yourself. They taught me in school to go to the original document (pdf); my favorite part is page 13. Note that residential fixed investment, which was slightly lower the previous two quarters, tugged down this quarter's number by 0.4 percentage points. Don't expect that to get better in any sustained way for a while. Also always of interest to me is how much of this is due to inventory, and the number this time happens exactly to offset residential fixed investment (i.e. it added 0.4 percentage points to the headline number); that's not enough to really make me sit up.