How Wrong Were Economists About 2015?
Estimates were overly optimistic for a broad range of economic indicators this year, except for one.
Bob Johnson: Over the next several weeks, the airways will be filled with stories and bold economic projections for 2016, and we'll add our own data to that mix. However, before we look at 2016, I think it's important to look at how the forecasters did in 2015.
We do that by looking at some Wall Street Journal consensus data that was available as of December 2014, and compare that to what actually happened in 2015. Now, the percentages and dollar prices make them all not directly comparable. But the general theme is that economists overestimated the economy across a broad range of economic indicators.