Big Revisions, Small Net-Net

(1) An old joke that remains relevant today. (2) Lots of offsetting benchmark revisions in real GDP that don’t add up to much. (3) Shift to more first-half annual growth and less second-half growth. (4) BEA concedes that seasonally adjusting quarterly real GDP is hard to do. (5) Revisions give real tech spending and real imports (like cell phones) a boost. (6) Personal saving data revised up sharply. (7) Lots of components of personal income revised up sharply.