We get a myriad of statistics, for example national accounts data, that are published rather quickly, with a dedicated effort. However, the short publication deadline means that the data will often have to undergo very extensive revision a few months later. This is especially problematic around a cyclical reversal when even minor revisions may give rise to a very different interpretation.
Unemployment represents a key indicator, which is timely as well as accurate. Consequently, unemployment plays a central role in the cyclical analysis and in the debate on the structure of economic policy. BIS Review 25/2004  1  However, the unemployment rate should not be readily interpreted as a reflection of the cyclical situation.