While today's GDP revision was largely formulaic and served mostly to generate another algo momentum ignition buy program pushing the DJIA to a new all-time intraday high, there was some much better news hidden deep in the revision.
We are delighted to advise Americans everywhere that you are all now making some $300 billion more than you were before the 8:30 AM revision. At least that's what the Bureau of Economic Analysis says: according to the quarterly revision, the revized annualized Disposable Personal Income is really some $300 billion higher compared to the pre-revision number. You are all richer!
What's that? You don't feel a dollar richer compared to this morning? That's irrelevant: everyone is now making about 2.4% more. A revised number in an Excel spreadsheet on a government computer said so, so it must be true.
So please go out and spend this extra income that was just created in some BEA spreadsheet. Your banker overlords will thank you.