Tom BurtonCo-Founder, COO and CTO of LeadSmart Technologies

Why it's Ok that GDP numbers keep changing #GDPgrowth

Name: Why it's Ok that GDP numbers keep changing #GDPgrowth
Uploaded: 2025-09-30T15:24:03+00:00
Duration: 56 s
Channel: Tom Burton
Description: Tom Burton explains why GDP estimates get revised multiple times. The three rounds of data start with speculation, then add incoming information, then…

30 Sept 2025 · 1 min

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Tom Burton explains why GDP estimates get revised multiple times. The three rounds of data start with speculation, then add incoming information, then more survey responses. Consumer spending on services like travel and movies comes from slow surveys, making accurate measurement hard.

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Well, we had a, another update to the second quarter gdp. So there's actually every time the GDP is released they do what they call three rounds of data. So they do a preliminary round which is based really on nothing more than kind of speculation. Then they do a second round which starts to have some data. And, and I don't know if you realize this, but a lot of the data from the GDP is coming from surveys to find out, you know, what are you buying, what are you, what are you doing, what are you traveling, that kind of stuff. So then the third round actually takes into account more of that data that comes back from the surveys. One thing they said was it's very difficult to get the service information, consumer services information in a timely manner because there's just not a lot of information around it. So what are consumers spending on travel and services and, you know, movies and all that kind of stuff that all comes from the subjective surveys that actually go out.