The Bureau of Economic Analysis in the Commerce Department gives out GDP estimates. As with the Bureau of Labor Statistics and the unemployment rate, they are terrible at turning points. A reminder of that came today when I checked on the consumer indexes put out by Consumer Metrics. They posted this chart showing BEA estimates for first quarter GDP in 2008.
The BEA estimate of GDP growth changed by 3.3% over the past 5 years.
As for the Consumer Metrics own index, here's their Absolute Demand Index, which clearly shows the ongoing depression.
Then there's Railfax's traffic index. We are in the season for the turn in data and one should arrive by the end of the month; the data rebounded in both March 2008 and March 2009.
Las Vegas March 2024: Visitor Traffic Up 0.4% YoY; Convention Traffic Down
37%
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From the Las Vegas Visitor Authority: March 2024 Las Vegas Visitor
Statistics
Benefitting from a mix of headliners and events from NASCAR to Madonna to
se...
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