Takeaways from the GDP Revisions
Housing is less important than previously believed (except for boats and RVs), while corporations are more profitable thanks to higher domestic investment and a narrower trade balance.
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Perhaps the rent isn’t too damn high. At least, that’s one interpretation of the latest revisions of U.S. incomes, spending, and production from the Bureau of Economic Analysis, published on Thursday alongside the 2021 Q2 GDP report.
Every summer, the BEA releases revisions to its past estimates as it gets access to the latest detailed data from the Cens…