Fed Sees Problems with GDP Data

The government agency charged with calculating the nation’s growth rate is acknowledging problems with its numbers and pledging a series of fixes over the next several months.

In a statement to CNBC, the Bureau of Economic Analysis said it’s “aware of issues” in it gross domestic product data and “is developing methods to address what it has found.”

The BEA statement comes after CNBC, in a detailed report in April, showed that first-quarter GDP data have been weaker than the other three quarters for the past 30 years and substantially weaker in the past five.