November existing home sales data and the final revision to third-quarter GDP will be released on Wednesday.
The experts say Greece has been the victim of a statistical cruelty: a revision of the data showed that Greece's debt and deficit were worse than previously thought, so it has a steeper climb to recovery.
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The data was worsened by a back revision to the past two months giving credence to the recent sour patch for the private sector ADP report.
Analysts were primed for an unchanged reading for industrial production throughout April and of course were shocked by a slide of 1.7% and thanks to a regressive revision to earlier reported data the year-on-year pace of output now stands lower by 1.2%.
The revision of the figures is mainly a result of better data-collection methods, particularly in India (which accounts for half the downward revision) and five African countries (which account for another fifth).
This was in contrast to the disappointing new home sales as there was a the large downward revision of the September sales data.
And just to go back to what Jake was talking about and this revision, are you talking about historical data that talks about the job losses during the course of this recession or something relative to the January numbers?
"The first version of the data only incorporates 25% of the data collected, and 75% of the time the revision goes down instead of up, " he said.
But then it takes until March of next year before the BLS uses real- time data from the states based on Quarterly Unemployment Insurance filings to do an annual revision.
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While this data was not available when the manuscript was submitted, it became available to Merck during the editing and revision process.
Now all sides are waiting for the ruling of the Law Revision Commission, which is already two months behind schedule as it sorts through arguments and gathers its own data.
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