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"Dewey Defeats Truman": Be Aware of Data Revisions (Page One Economics)

The famous "Dewey Defeats Truman" headline illustrates the importance of timely and accurate data. Agencies that compute economic indicators for the $14 trillion U.S. economy face a tough challenge: providing up-to-the minute results and ensuring the reliability of the data. This issue explains why there is often a trade-off between these two factors and discusses the importance of data revision.

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Audience:   High School, Consumers, College
Language:   English
Subjects:   AP, Economics, Data Literacy
Resource Types:   Data, Publications, Newsletter, Lessons
Concepts:   Gross Domestic Product (GDP)