US Q1 GDP growth systematically lower, suggesting seasonal adjustment problem

[Linus Van Pelt]

Interesting article in the New York Times here.

Published growth figures for the first quarter are recurringly lower than the rest of the year even after seasonal adjustment. This effect has been increasing since the 1990's. It is possible that the government's seasonal adjustment formula is not quite right, but no-one seems to have a clear understanding of why.