A major error has caused the Commerce Department to revise data going back 10 years and Saudi Arabia has cut oil prices to Europe in the prelude to what might be a price war with Iran.
The US Department of Commerce revised its construction spending data going back 10 years because of an error in processing population data yesterday
The new numbers are expected to increase US GDP for 2014 and 2015. The original reports apparently understated construction spending’s net increase — but when the revisions are considered, the reports appear to overstate the month-over-month rate of change, causing most of 2015’s month-by-month numbers to be overstated.
Commerce revised data back to January 2005 to correct an error in the tabulation of private home-improvement spending.
Best OPEC Frenemies
Saudi Arabia on Tuesday sharply cut crude oil prices in Europe, a move that could undercut Iran as sectarian tensions escalate between the rival Middle Eastern nations.
The Saudi move appears to pave the way for a competition over European oil markets later this year when Iran is expected to increase its exports after the expected end of western sanctions over its nuclear program.