Why Are Economic Data Revised? | Crypto Craft

  • Why Are Economic Data Revised?

    From substack.com

    One of the more bizarre things to pop up in the past couple of days is the idea that data revisions by a statistical agency is a “mistake” and thus cause to fire the head of a statistical agency. No, that is not how data revisions work. Not all economic data are revised. The most important non-revised data are those in consumer price index reports: prices during the month are measured, and then the monthly price indices are calculated in one shot. (There is the chance of an error causing a revision.) Since the CPI is used in contracts, a lack of revisions is important. Surveys with random sampling also tend to ... (full story)

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The Fool
Aug 6, 2025 6:15am — Edited
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I'm sure you can find a youtube clip of Trump bragging about the data, every time it seemed to reflect well on him. The Trump schtick is as obvious as it is old: anything that makes him look bad is fake, a hoax, or is rigged. Unless, of course, he benefits, then everything's great.

The BLS could collect employment data the same way they do for other data that are unrevised and just report a number. That's probably what they will do if Trump keeps firing people every time he sees an NFP that he doesn't like.
Nordling
Aug 6, 2025 5:40am
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Quoting Trader#8378
If you can name me one "so called" economist that is forecasting these numbers, I'd be thankful for that! Thing is, these "economists" probably don't fuc'ing exist. If they do exist, they're utterly off every fuc'ing time that it is embarrassing at this point. Farm animal would be more to the point with these numbers than all the "top economists" put together. Yeah.. 79k or whatever it was this month. Basically, we will see revision to probably no jobs added at all. Last few months we were getting nothing but numbers...
Are u a trader or a wannabe messiah? Just react to the news and make money, so the wealth transfers to you.

I hate it when people come to a trading community and act like they are the epitome of morality.

We don't care, we are here to make money, we are all part of the system.

People come here to learn how to make money trading. They don't come here to listen to a preacher.

Inserted Video
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The Fool
Aug 6, 2025 8:35am
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Quoting rockit
Data is revised because it is based on a model and not real. And when the prediction is apparently wrong, it gets revised.
Wrong. It's revised because they continue to add data as it comes in. They could simply cut off the inflow of new data and report a single number that is not going to be revised.
Schultz
Aug 6, 2025 9:20am
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Quoting Trader#625E
{quote} As said, not even 5 people were interested.
I think I know why.

The statement "not even 5 people were interested" is a reference to the biblical story of Abraham and the destruction of Sodom and Gomorrah, where Abraham tries to negotiate with God to spare the cities by finding a minimum number of righteous people.

God agrees to spare the cities if at least 10 righteous people can be found, but the city is ultimately destroyed because that number could not be reached.

As Nordling asked, are you a wannabe messiah?

Edit - might have been another number. Close enough.
Reply
Nordling
Aug 6, 2025 7:27am
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Quoting Trader#625E
{quote} I'm neither. I want you to keep making money, so you can help others someday. Also, I'm giving the people the reality check. I've tried gathering people who trade with real money here on forex factory, however I couldn't find 5 people that wanted to join the forum and share their trades just like me and others would in real time. Whether this is because there is very few people here that are actually trading with real money, or because if they do trade with real money they really don't have that much so don't want to say and share, I don't...
Some don't make any money, some do make money but they don't want to share it. It saves them from the hassle of going through the PMs from newbies who want to be mentored.

I am not saying your reality check is wrong, but here's the thing, traders make money from this crooked system. We are all a part of it
Reply
Nordling
Aug 6, 2025 9:32am
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Quoting Schultz
{quote} I think I know why. The statement "not even 5 people were interested" is a reference to the biblical story of Abraham and the destruction of Sodom and Gomorrah, where Abraham tries to negotiate with God to spare the cities by finding a minimum number of righteous people. God agrees to spare the cities if at least 10 righteous people can be found, but the city is ultimately destroyed because that number could not be reached. As Nordling asked, are you a wannabe messiah? Edit - might have been another number. Close enough.
So can we call it... Biblically accurate FF argument?
Reply
rockit
Aug 6, 2025 8:20am
Permalink
Data is revised because it is based on a model and not real. And when the prediction is apparently wrong, it gets revised.
Reply
Trader#8378
Aug 6, 2025 4:40am
Permalink
If you can name me one "so called" economist that is forecasting these numbers, I'd be thankful for that!
Thing is, these "economists" probably don't fuc'ing exist. If they do exist, they're utterly off every fuc'ing time that it is embarrassing at this point. Farm animal would be more to the point with these numbers than all the "top economists" put together.

Yeah.. 79k or whatever it was this month. Basically, we will see revision to probably no jobs added at all. Last few months we were getting nothing but numbers being revised lower.

This whole market is fake and it will continue to be fake until the day of reckoning. They call it the greatest wealth transfer or whatever. It doesn't matter how it's called, what matters is that 90% of the population or more will lose while the rest will own everything.

During GFC people were also talking shit and were laughing until it hit them in the face. Those comments from the people you see here for example laughing at everyone that is warning them... do know these people don't know shit about how the current system works, otherwise they wouldn't be condescending and laughing. This time it'll be the same thing happening, but probably levels worse, as this is the currency crash we need to go through so they can implement the new completely digital system. Purchasing power of the paper you're holding will continue to evaporate faster and faster.
Reply
Trader#625E
Aug 6, 2025 6:45am
Permalink
Quoting Nordling
{quote} Are u a trader or a wannabe messiah? Just react to the news and make money, so the wealth transfers to you. I hate it when people come to a trading community and act like they are the epitome of morality. We don't care, we are here to make money, we are all part of the system. People come here to learn how to make money trading. They don't come here to listen to a preacher. https://youtu.be/yPAsFO-Gl1E?si=zT2FrA9Pm4NZ7yZu
I'm neither. I want you to keep making money, so you can help others someday. Also, I'm giving the people the reality check. I've tried gathering people who trade with real money here on forex factory, however I couldn't find 5 people that wanted to join the forum and share their trades just like me and others would in real time. Whether this is because there is very few people here that are actually trading with real money, or because if they do trade with real money they really don't have that much so don't want to say and share, I don't know.

I couldn't care less if one had 200$ or 200 000$ on the account. I wanted to create a forum with people that are taking trading seriously and that want to improve. The idea was that every trade one would need to explain why the trade is taken. So, when one gets it wrong, the community would share its idea of why the trade was wrong, etc. As said, not even 5 people were interested. I haven't seen anyone trying to do the same.
Reply
Trader#625E
Aug 6, 2025 9:57am
Permalink
Quoting Schultz
{quote} I think I know why. The statement "not even 5 people were interested" is a reference to the biblical story of Abraham and the destruction of Sodom and Gomorrah, where Abraham tries to negotiate with God to spare the cities by finding a minimum number of righteous people. God agrees to spare the cities if at least 10 righteous people can be found, but the city is ultimately destroyed because that number could not be reached. As Nordling asked, are you a wannabe messiah? Edit - might have been another number. Close enough.
Someone has to... when you won't or can't.
Reply
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