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Almost three dozen divers are missing and feared dead after a 75-foot scuba diving boat caught fire off the coast…
PCE declined by 0.13. That’s a total of decline for those three components of 0.37 percentage points. Part of that decline was based not only on revisions, but also on a month-over month decline in November construction spending of 0.4 percentage points. If 3/4 of the decline in those components is due to construction spending, then I estimate third quarter GDP will be revised about .57 percentage points lower, second quarter .56 percentage points lower, and first quarter .21 percentage points higher
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For discussion of income distribution, please see What’s "Really" Behind Gross Inequalities In Income Distribution? Birth Death Model Starting January 2014, I dropped the Birth/Death Model charts from this report
Read the original: Diving Into the GDP Report – Some Ominous Trends – Yellen Yap – Decoupling or Not?