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Mr. Achuthan said it was possible that "sometime at the end of the year or early next year the data will be revised and we'll start to get some clarity about when the recession actually started".
Since the models, and possibly the data, will be revised during the mission, it is essential that the FTMM can be reprocessed without interrupting its daily delivery.
It is risky to read too much into one month's job report, as the data will be revised significantly in the months and years ahead.
Data were entered in a centralised database by the expert trained fellow and the quality of the data will be revised.
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The new data, which will be revised two more times in the coming weeks, mean that the U.S. economy expanded 2.4% last year.
The G.D.P. data released Wednesday will be revised on Aug. 29 and again on Sept. 26, incorporating additional information not yet available (the New York Fed provides a calendar with economic data releases).
Economists cautioned that the GDP data is a preliminary reading and will be revised twice more in coming months.
Few countries have reported first-quarter data as yet, and the American number will be revised.
The figures, which will be revised when better data becomes available, will be endlessly discussed and analysed, and will form the basis for economic commentary and policy in the months ahead.
The divergence between employment and GDP may be due to weather, seasonal adjustment, a temporary productivity reversal, or one of the two sets of data being wrong, most likely GDP, which will be revised up.
That's not just because the magnitude of the main event was large – at M7.8 (numbers will be revised as more data is assessed) – but that it was also very shallow – a mere 10-15km down.
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