The BEA's Radical "Savings Rate" Revision----Beijing Class Fudgery

Last week, the US Bureau Economic Analysis unleashed some statistical goalseek magic that would make Beijing thoroughly fabricated economic "data" blush for days: as part of the comprehensive GDP revision carried out every five years by the Commerce Department’s BEA, US economic history was rewritten and in a shocking development, the annual saving rate was revised higher by 1.6% on average since 2010, with the 2017 US savings rate doubling overnight, from 3.4% to 6.7%.

 

 

 

https://www.zerohedge.com/news/2018-08-05/us-gdp-turbocharged-after-record-saving-rate-revision-why-could-be-problem

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.