Welcome to why I am always dubious about Federally-reported economic numbers, like GDP.
GDP was adjusted up to 2% QoQ for Q1. But what was the reason for the dramatic revision?
Net trade was the biggest change: exports were revised from 0.58% to 0.86%, while imports subtracted only -0.28% from the bottom line GDP, a big drop from the -0.57% subtraction previously. In total, net trade became a 0.58% contributor to growth, up from a tiny 0.01% booster in the latest revision, effectively responsible for almost all of the 1.3% to 2.0% GDP increase.
Speaking of Bidenomics, REAL median weekly earnings have fallen -3.7% under Biden’s Reign of Economic Error.
That’s a 3.16% decline in real earnings for the average worker across the 29 months of the Biden Presidency.
