Market Overview Analysis by Ed Yardeni covering: . Read Ed Yardeni's latest article on Investing.com
Last Thursday on September 26, the Bureau of Economic Analysis released several very significant upward revisions to real Gross Domestic Product . The technical recession during H1-2022 has been revised away. Q2's level of real GDP was raised by 1.3% to a record high. More importantly, the level of real GDI was revised up by 3.6%.
The statistical discrepancy between nominal GDP and GDI was revised down to just 0.3% from an unusually wide 2.7% during Q2-2024 . Several economists warned that GDP was likely to be revised down to reduce the discrepancy.This is a big deal for our productivity-led Roaring 2020s outlook. The upward revision in real GDP will likely be followed by a similar revision in real nonfarm business output, which is used to calculate productivity .Higher productivity growth should also lower the 0.
The big 3.3% upward revision in personal income during Q2 was mostly attributable to nonlabor income rather than wages, salaries, and benefits. All this confirms our thesis that the US is in the midst of the Roaring 2020s, propelled by technology-driven productivity growth.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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