“Dewey defeats Truman”: be aware of data revisions

Mingyu Chen and Scott A. Wolla
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Scott A. Wolla: https://research.stlouisfed.org/staff/wolla

Page One Economics Newsletter, 2012, issue apr, 1-3

Abstract: The famous\\"Dewey Defeats Truman\\" headline illustrates the importance of timely and accurate data. Agencies that compute economic indicators for the $14 trillion U.S. economy face a tough challenge: providing up-to-the minute results and ensuring the reliability of the data. This month's Page One newsletter, \\"Dewey Defeats Truman\\": Be Aware of Data Revisions, explains why there is often a trade-off between these two factors and discusses the importance of data revision.

Date: 2012
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