Posted by Justin Fox Friday, January 22, 2010 at 11:15 am "My column this week is about economic data, and the ways in which it can mislead (or at least send us into unnecessary tizzies). It was inspired by a stint of economic-indicator-watching during Christmas week. A GDP report came out that revised third quarter economic growth down to a 2.2% annual pace â from the 3.8% originally reported in October. And then a bunch of lesser data releases contradicted each other and didn't really shed much light at all. As Ian Shepherdson of High Frequency Economics remarked in reference to an existing home sales release: "this number tells us nothing at all about the future." That got me thinking about what the most useless economic indicator might be. So I sent out an e-mail to a few numbers-watchers I know, phrasing the question slightly more politely. What was their "least favorite economic indicator?" I asked. "It's got to be a number that comes out regularly and gets a reasonable amount of attention from the media and from markets, but that you think isn't all that informative and/or reliable." Here are the responses I got:" http://curiouscapitalist.blogs.time...rated-economic-indicators/?xid=rss-topstories
Two thumbs up! It's about time they throw all these useless indicators that are always subjected to constant revisions out with the bathwater. As noted in the article, it's time to piss them buh-bye. Personally, I wouldn't give shit worth 2-cents for these indicators if it weren't for the bigger morons around me.
Interesting that the some of the most overrated economists were asked to give us their most overrated economic indicators.
Is this the "right questions" for the "right time?" Please don't ignore this response...at least in your heart and in your "mind's eye" both understand the questions and answer them...you don't necessarily have to post your answers here...but understand the questions I pose. -gastropod