Revisions of economic data is an important topic for a variety of reasons. This topic is particularly relevant as most economic data series are either subject to revision, or revised at regular intervals.
While the topic is complex, it is one that I feel generally lacks sufficient recognition.
The extent, complexity, frequency, methodologies, and potential for revisions varies by data series. As such, attempting to make general statements concerning revisions is difficult. However, given that various revisions are often large and unpredictable, one should be cognizant of these characteristics when assessing economic data.
One economic data series and its revisions that I have previously commented upon is that of GDP. That September 5, 2012 post is titled "Comments Concerning GDP Revisions."
As far as the data depicted on this blog is concerned, I attempt to provide various information, including a date for which the data has last been updated, as well as a link to the data source, which should allow one to read about the data's revisions and history.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1543.34 as this post is written