Upward revisions to historical GDP don't improve outlook

Although the level of GDP over the past three and a half years has been revised noticeably higher, the more recent growth rates of GDP were left largely unchanged. Moreover, the expenditure breakdown shows that energy-related business investment played a more prominent role in the economy than previously assumed. Unfortunately, given the recent slump in world oil prices, the news that the economy's fate may be more closely tied to energy prices than previously believed is hardly welcome.