Letter for the editor of Wall Street Journal Essay

Letter for the editor of Wall Street Journal - Essay Example economy did not fall, but reflected 0.0 percent in growth in the first quarter. Other firms, especially JP Morgan agree that the economy fell by a minor 0.2 percent rate, raising questions concerning the validity of quarterly estimates (Mitchell). As it is the case with all reports about the economy, the government announces employment, retail sales, and GDP estimates early, whose data is incomplete. When other data is introduced, the government should adopt the revised values. For GDP, the government should present first estimates then make two revisions for every quarter. The first GDP reading presented for the first three months of 2015 indicated a growth of 0.2 percent. The second reading indicated -0.7 percent growth. This is because it emphasized on data that incorporated a rise in trade deficit, which prevailed at the end of first quarter (Mitchell). Thus, based on these projections, I propose that the first quarter is not horrifying as economists anticipated. This is because the economy is showing signs of growth, particularly because of the growing income, which is fostering consumer spending in diverse industries across the country. Mitchell, Josh. Reports of the U.S. Economy’s Contraction Have Been Greatly Exaggerated. Wall Street Journal. 11 Jun. 2015, web. 12 Jun. 2015.