The Spin Continues -- 4Q14 GDP Revised Downward -- February 27, 2015

Related: Job Watch.

"Job Watch" has consistently suggested that the economy is not doing as well as pundits suggest. Today we get a bit of that confirmation: GDP for 4Q14 revised sharply down, from 2.6% to 2.2%.

In a sense that's not a big deal, I suppose, in some folks' minds, but some pundits would have rounded the 2.6% to 3%, and now it's been revised to 2.2%, which for all practical purposes is 2%. There's a big difference between 2% and 3% for folks who follow this stuff.

But I love the spin (in bold below):

Reuters is reporting:

U.S. economic growth braked more sharply than initially thought in the fourth quarter amid a slow pace of stock accumulation by businesses and a wider trade deficit, but the underlying fundamentals remained solid.

Gross domestic product expanded at a 2.2 percent annual pace, revised down from the 2.6 percent pace estimated last month, the Commerce Department said on Friday. The economy grew at a 5 percent rate in the third quarter.

I believe there is one more opportunity for another revision. I could be wrong, but I think the final revision is next month.