Can we trust data revision?
Downward data revisions are the new normal:
US retail sales have been revised down in the last 7 out of 9 months.
This year alone, 4 months of retail sales data have been adjusted down by 0.2%-0.3%.
In June, retail sales were revised down by 0.2 percentage points.
First, the data comes in better than expected showing the economy is on track for a soft landing.
Then the data is revised lower in the following month when attention has shifted to the new numbers.
What is happening here?$S&P 500(.SPX)$
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