One example of a particularly sharp revision was in the figures for the first quarter of 2016. In the first publication of those figures, GDP growth was estimated at 0.8 percent—a very low figure that was interpreted as a marked slowdown in economic activity.
However, the figure was revised upward each month, and in November, the estimate for first quarter GDP growth was already 3.2 percent—meaning strong growth, and in line with the rapid growth that we saw in the labor market, which was a kind of mystery to us given the low growth figures.