This morning’s final revision to 4th quarter 2014 GDP actually contained 3 pieces of forward-looking data.  One was positive, one negative, and one mixed.

Let’s start with the positive:  gross domestic income.  GDI is the opposite side of the accounting ledger from GDP, and it is generally thought that GDP over time resolves in the direction of GDI. In particular note the 2006 and 2007 divergences between GDP and GDI. Today we finally got 4th quarter GDI, and it was +3.0%, higher than GDP: