Government To Present Better G D P Figures Monday

[Realistbear]

http://uk.finance.yahoo.com/news/gdp-revision-may-scale-back-depth-of-recession-reuters_molt-62fe75d7f825.html?x=0

David "Not Milliband" Milliken, 18:18, Friday 9 July 2010

LONDON (Reuters) - Britain will publish a major annual revision of economic output data on Monday, which could lead to a scaling-back of the record slump in GDP recorded in the last recession.

I hope they are not even thinking about it.

[Guest happy?]

http://uk.finance.ya...d7f825.html?x=0

David "Not Milliband" Milliken, 18:18, Friday 9 July 2010

LONDON (Reuters) - Britain will publish a major annual revision of economic output data on Monday, which could lead to a scaling-back of the record slump in GDP recorded in the last recession.

I hope they are not even thinking about it.

Business as usual from the party that brought you the 1980's.

We've got Alan Budd doing a runner from the Office of Brown Nosing. The Office of Brown Nosing changing the goalposts on the way it collects data so it can massage the effects of Osbore's disastrous budget, and Pipsqueak Gove getting 2/10 for his hopeless homework. And shire Tories sensing there are more votes in opposing the government than standing shoulder-to-shoulder with Dave.

Oh, I do love a good coalition.

[Limpet]

Business as usual from the party that brought you the 1980's.

We've got Alan Budd doing a runner from the Office of Brown Nosing. The Office of Brown Nosing changing the goalposts on the way it collects data so it can massage the effects of Osbore's disastrous budget, and Pipsqueak Gove getting 2/10 for his hopeless homework. And shire Tories sensing there are more votes in opposing the government than standing shoulder-to-shoulder with Dave.

Oh, I do love a good coalition.

Absolutely

It`s like a breath of fresh air after-:

The manipulation of CPI and RPI for years

The deliberate inflating of a housing bubble using catastrophically low interest rates

The pissing of money up the wall chasing largely imaginary terrorists

The rigging of elections using postal votes

Mandelslime resigning in disgrace twice and then being made a Lord

The murder of Dr. David Kelly

Two illegal wars

Rampant and deliberately uncontrolled immigration

An attempt to impose a police state using ID cards and 48 days detention without trial.

Oh yes it was certainly a bundle of laughs under the last administration

[Minos]

We got it wrong before but it's going to be right now, honest. Trust us.

[@contradevian]

Business as usual from the party that brought you the 1980's.

We've got Alan Budd doing a runner from the Office of Brown Nosing. The Office of Brown Nosing changing the goalposts on the way it collects data so it can massage the effects of Osbore's disastrous budget, and Pipsqueak Gove getting 2/10 for his hopeless homework. And shire Tories sensing there are more votes in opposing the government than standing shoulder-to-shoulder with Dave.

Oh, I do love a good coalition.

[matroskin]

http://uk.finance.yahoo.com/news/gdp-revision-may-scale-back-depth-of-recession-reuters_molt-62fe75d7f825.html?x=0

David "Not Milliband" Milliken, 18:18, Friday 9 July 2010

LONDON (Reuters) - Britain will publish a major annual revision of economic output data on Monday, which could lead to a scaling-back of the record slump in GDP recorded in the last recession.

I hope they are not even thinking about it.

Law of (European) averages at work.

Greece and Hungary revised their figures down, so UK should do up to compensate

EDIT: Forgot to mention Bulgaria also

Edited July 9, 2010 by matroskin

[interestrateripoff]

Have they discovered more govt spending that Labour didn't admit too?

Surely Gordon didn't really manage to lock in the recovery did he?

[Mega]

Bugger!

But not too worry, its down hil from here & NO amount of "Funny Figs" will help.

I see they got Moat connered!

Mike

[Guest happy?]

Absolutely

It`s like a breath of fresh air after-:

The manipulation of CPI and RPI for years

The deliberate inflating of a housing bubble using catastrophically low interest rates

The pissing of money up the wall chasing largely imaginary terrorists

The rigging of elections using postal votes

Mandelslime resigning in disgrace twice and then being made a Lord

The murder of Dr. David Kelly

Two illegal wars

Rampant and deliberately uncontrolled immigration

An attempt to impose a police state using ID cards and 48 days detention without trial.

Oh yes it was certainly a bundle of laughs under the last administration

Nope, this mess is all the coalition's making.

You can't go giving credit to everyone else for your mess.

[Guest Noodle]

Nope, this mess is all the coalition's making.

You can't go giving credit to everyone else for your mess.

[LittleSteroid]

so, what does it mean actually?

[pilchardthecat]

<the mental>

Which ex labour MP/shill are you? No actual human being is capable of spouting such mind numbingly misguided shite, only someone completely indoctrinated could be responsible for that dirge

[Timm]

so, what does it mean actually?  

It means interest rates will have to rise sooner than expected.

[Minos]

It means interest rates will have to rise sooner than expected.

Say it quietly. You know the 'i' word, not the 'd' word.

[LuckyOne]

Business as usual from the party that brought you the 1980's.

We've got Alan Budd doing a runner from the Office of Brown Nosing. The Office of Brown Nosing changing the goalposts on the way it collects data so it can massage the effects of Osbore's disastrous budget, and Pipsqueak Gove getting 2/10 for his hopeless homework. And shire Tories sensing there are more votes in opposing the government than standing shoulder-to-shoulder with Dave.

Oh, I do love a good coalition.

Or ....

Finally business as usual from the party that bought us "great joy" from 1997 to early 2010 is finally over.

After being dissapointed again, voters finally understand that their elected representatives cannot possibly promise more than about 40% of the spoils of the private sector to the rest of the economy.

Once again we have stepped back from the abyss where 51% of the population try to extract as much as possible from the remaining 49%. Perhaps there is hope for democracy after all.

[okaycuckoo]

Business as usual from the party that brought you the 1980's.

We've got Alan Budd doing a runner from the Office of Brown Nosing. The Office of Brown Nosing changing the goalposts on the way it collects data so it can massage the effects of Osbore's disastrous budget, and Pipsqueak Gove getting 2/10 for his hopeless homework. And shire Tories sensing there are more votes in opposing the government than standing shoulder-to-shoulder with Dave.

Oh, I do love a good coalition.

Happy, why are you so happy? Are you getting reach arounds from Absolute Zero and Red Karma?

[hilltop]

Dear apologists for Dave, must do better. happy? has put the point and you have not answered it.

Budd has buddered off with a nasty smell of fiddled figures in the air.

Now ONS whose Chairman is , I think, a Tory lord, have come up with some figures which show GORDON WAS RIGHT.

Life is going to get harder foir Libcon. Ha.

[LittleSteroid]

It means interest rates will have to rise sooner than expected.

..I knew it! Feb '90 anyone? surprise surprise

[Kazuya]

It means interest rates will have to rise sooner than expected.

To what? 1% till 2013?

[bogbrush]

Business as usual from the party that brought you the 1980's.

We've got Alan Budd doing a runner from the Office of Brown Nosing. The Office of Brown Nosing changing the goalposts on the way it collects data so it can massage the effects of Osbore's disastrous budget, and Pipsqueak Gove getting 2/10 for his hopeless homework. And shire Tories sensing there are more votes in opposing the government than standing shoulder-to-shoulder with Dave.

Oh, I do love a good coalition.

I guess your World won't have room for the polls suggesting the Tories popularity is higher than before the election.

Good psychic work on the shire Tories by the way; did you commune through the bottle for that one?

[bogbrush]

Dear apologists for Dave, must do better. happy? has put the point and you have not answered it.

Budd has buddered off with a nasty smell of fiddled figures in the air.

Now ONS whose Chairman is , I think, a Tory lord, have come up with some figures which show GORDON WAS RIGHT.

Life is going to get harder foir Libcon. Ha.

That running a deficit every year until it rises exponentially is a smart move? I guess your view is that the debt is a rounding error.

This is going to be the most fun term of government I'll have experienced, the Labour experiment is getting dismantled.

[Snagger]

"scaling back the record slump" hahaha raise GDP during the trough, and leave more recent GDP figures unchanged, or at least changed less, and voila, no more labour engineered recovery, and torys can't be blamed for putting us back in recession if we never emerged from it to begin with.

[Timm]

To what? 1% till 2013?

Nah, my guess is they'll go with a quarter point rise first and see how it goes.

From such a low base, and at such a sensitive time, the result might be surprising.

Edited July 10, 2010 by Timm

[LittleSteroid]

Nah, my guess is they'll go with a quarter point rise first and see how it goes.

From such a low base, and at such a sensitive time, the result might be surprising.

1% could do the job...

[Timm]

1% could do the job...

To be honest, I suspect that any rise, however small, will trigger outright panic. A lot of people are actively waiting for the signal.

Anyway, from the link in the OP:

Rush estimates that Britain's total economic contraction may be revised down to 5.7 percent from 6.2 percent, and predicts the BoE will raise rates in November, earlier than the consensus of Q2 2011 in a Reuters poll before Thursday's Bank decision.

One way the ONS calculates GDP changes is to add up output from all firms, then subtract firms' output which was used as an intermediate input for finished goods to avoid double-counting.The share of output made up of intermediate inputs may have fallen during the downturn, causing the ONS to overestimate the decline in final output when it has applied models developed during periods of growth to periods of recession, Rush said.

None of 30 economists polled by Reuters expect a downward revision to first-quarter GDP, but most do not see an upward revision either, despite a slight tendency in this direction for recent GDP revisions.

If this is right, and the contraction is revised from a fall of 6.2% to a fall of only 5.7%, this would more than wipe out the 0.3% recovery.

If that 0.3 figure is to remain, they will have to revise up the actual data for that quarter too.

Let's see if they do...