As we move further into 2017, economic statistics will be subject to their annual benchmark revisions. High frequency data such as any accounts published on or about a single month is estimated using incomplete data. It’s just the nature of the process. Over time, more comprehensive survey results as well as upgrades to statistical processes make it necessary for these kinds of revisions.
There is, obviously, great value in having even incomplete data estimates published in as close to real time as can be possible right now. Most of the time there aren’t major revisions to a data set because by and large growth is to some degree predictable. That is the essence of trend-cycle subjectivity, as government statisticians in the past had been able to more easily determine the trajectory for whatever economic data and use it to further construct the trend-line for measured monthly variation.
The problem, equally