Truck and Barter: 2004Q3 GDP Rises from 3.7% to 3.9% to 4.0%

December 22, 2004

2004Q3 GDP Rises from 3.7% to 3.9% to 4.0%

By Kevin

Clockwork.

Last month, I noted a ridiculous AP story trumpeting an economically insignificant increase in 2004Q3 GDP growth. It made "above the fold" on The New York Times online. Of course, the AP is at it again with an even smaller change:

The economy revved up its engine in the third quarter and advanced at an annual rate of 4 percent-- even faster than previously thought.

The new reading on gross domestic product, released Wednesday by the Commerce Department, exceeded the previous estimate of a 3.9 percent growth rate for the July-to-September quarter. It marked the best showing since the opening quarter of this year and was up from a 3.3 percent pace in the second quarter....

The new GDP figure, based on more complete data, was better than economists were forecasting. They were predicting economic growth would remain at the 3.9 percent pace estimated a month ago.

This is perhaps the purest example of a regularly scheduled press release becoming news, regardless of its importance... Full release here...

Posted at December 22, 2004 10:58 AM

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