Without commenting on the substance of Tim's critique of the WSJ, it's not correct to say that the WSJ used the 4th quarter growth number. The budget shows -- as it always does -- an annual average (2022/2021) and 4th quarter over 4th quarter (which shows you what the economy grows in 2022 independent of how fast or slow it grew the previously year) Either is correct as long as it is labeled and one doesn't mix the comparisons.
By 4th quarter growth I meant 4th quarter 2022 over 4th quarter 2021. It seemed to me that comparing annual averages is better given that these are projections, and that's what the WaPo did. But I defer to my former Journal colleague David Wessel's superior experience and wisdom in these matters, and withdraw my assertion that using 4th quarter comparisons would have Al Hunt baying for blood. (Al himself, who is best able to say what would and would not infuriate him, is welcome to add further comment.)
Without commenting on the substance of Tim's critique of the WSJ, it's not correct to say that the WSJ used the 4th quarter growth number. The budget shows -- as it always does -- an annual average (2022/2021) and 4th quarter over 4th quarter (which shows you what the economy grows in 2022 independent of how fast or slow it grew the previously year) Either is correct as long as it is labeled and one doesn't mix the comparisons.
By 4th quarter growth I meant 4th quarter 2022 over 4th quarter 2021. It seemed to me that comparing annual averages is better given that these are projections, and that's what the WaPo did. But I defer to my former Journal colleague David Wessel's superior experience and wisdom in these matters, and withdraw my assertion that using 4th quarter comparisons would have Al Hunt baying for blood. (Al himself, who is best able to say what would and would not infuriate him, is welcome to add further comment.)