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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Lambert Strether</author_name><author_url>https://www.nakedcapitalism.com/author/lambert-strether</author_url><title>Monday DataDive: Second Quarter GDP and Revisions, June Income and Outlays | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="s8Uz9yexaE"&gt;&lt;a href="https://www.nakedcapitalism.com/2013/08/2nd-quarter-gdp-and-revisions-june-income-and-outlays.html"&gt;Monday DataDive: Second Quarter GDP and Revisions, June Income and Outlays&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2013/08/2nd-quarter-gdp-and-revisions-june-income-and-outlays.html/embed#?secret=s8Uz9yexaE" width="600" height="338" title="&#x201C;Monday DataDive: Second Quarter GDP and Revisions, June Income and Outlays&#x201D; &#x2014; naked capitalism" data-secret="s8Uz9yexaE" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>By rjs, a rural swamp denizen from Northeast Ohio, and a long-time commenter at Naked Capitalism. Originally published at MarketWatch 666.  This week saw the 14th major revision to our national income and product accounts since 1929; we've taken a brief look at what that means... Then, in reviewing the major revision to first quarter GDP, we find that what we felt was an aberrant build in farm inventories was not only left in place, but became larger; and the contribution of larger farm inventories has now increased to 80% of the first quarter GDP growth... And then, in reviewing the first estimate of 2nd quarter GDP, we find that the new BEA method of adjusting nominal GDP using chained 2009 dollars resulted in some unrealistic changes to consumer spending contributions.... Finally, we review the June personal incomes and outlays report and find that real incomes fell in but real spending rose nonetheless..</description><thumbnail_url>http://rjsigmund.files.wordpress.com/2013/08/gdprevision_thumb.jpg?w=885&amp;h=624</thumbnail_url></oembed>

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