If you think the economy is worse than the conditions being reported, here’s another example of why you may be right.
The National Association of Realtors now concedes far fewer homes have been sold over the past five years than it had estimated. Click here to read more on that.
This is why they call economics the dismal science. It’s a set of assumptions based on a set of assumptions. And the bias is often to the upside.
The nation’s gross domestic product is yet another example of data that is revised downward after its initially released. When that happens, it means the whole economy is worse than initially reported.
Since it was the housing market that tipped the U.S. into this abyss, it would seem having the most accurate data on home sales would be a paramount indicator as to the recovery. But when you read about homes being counted twice, as you can in the linked story above, I suppose all an economist can say is, “Whoops!”