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“Dewey defeats Truman”: be aware of data revisions

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Abstract

The famous\\"Dewey Defeats Truman\\" headline illustrates the importance of timely and accurate data. Agencies that compute economic indicators for the $14 trillion U.S. economy face a tough challenge: providing up-to-the minute results and ensuring the reliability of the data. This month's Page One newsletter, \\"Dewey Defeats Truman\\": Be Aware of Data Revisions, explains why there is often a trade-off between these two factors and discusses the importance of data revision.

Suggested Citation

  • Mingyu Chen & Scott A. Wolla, 2012. "“Dewey defeats Truman”: be aware of data revisions," Page One Economics Newsletter, Federal Reserve Bank of St. Louis, issue apr, pages 1-3, April.
  • Handle: RePEc:fip:fedlpo:y:2012:i:apr
    as

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    File URL: http://research.stlouisfed.org/pageone-economics/uploads/newsletter/2012/PageOneClassrmEdition0412Data_Revisions.pdf
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    File URL: http://research.stlouisfed.org/pageone-economics/pages/newsletter_summary.php?id=62
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    File URL: http://research.stlouisfed.org/pageone-economics/uploads/newsletter/2012/PageOne0412_Data_Revisions.pdf
    File Function: Newsletter edition
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    References listed on IDEAS

    as
    1. Charles S. Gascon, 2009. "Season’s greetings and seasonal adjustments," Liber8 Economic Information Newsletter, Federal Reserve Bank of St. Louis, issue January.
    2. Kevin L. Kliesen, 1999. "Putting business software purchases into the national accounts," National Economic Trends, Federal Reserve Bank of St. Louis, issue Nov.
    Full references (including those not matched with items on IDEAS)

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