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The result was revisions in economic statistics going all the way back to 1947, when it turns out a downturn was a little deeper than had been thought.
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Mr. Hoffman of PNC Financial estimated that the change to inventories accounted for 80percentt of the upward revision in economic growth.
"We will need to make revisions in the economic forecast given the slowdown in the economy," he said last week.
At the same time, sharp revisions in recent economic data raised concerns that the United States economy might be entering a new recession.
G.M. also made another revision in the economic forecast it made to Congress in December, when it initially sought federal assistance.
The message in the productivity report released yesterday was that some of the late 1990's improvement has indeed stuck, even after the numbers were adjusted to account for downward revisions in output and in economic growth in recent quarters.
Furthermore, inadequate reimbursement of in-hospital treatment costs may encourage German facilities to undertake 2-stage revisions rather than 1-stage revisions in order to minimise their economic loss [ 17].
Those revisions are sometimes significant, particularly at turning points in economic growth.
In Africa, for example, several recent GDP revisions revealed outdated statistical methods were missing billions of dollars in economic activity.
Government reports showed a gain in durable-goods orders in February -- the third consecutive monthly increase -- and an upward revision in fourth-quarter economic growth to an annual pace of 1.7percentt from 1.4percentt first reported last month.
The sharp revision in Russia's economic forecast is the first admission from the government that the economy will contract.
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