Economists Cannot Predict The Yearly Variability Of The US Economy

Chart is from James Montier of GMO, a global investment management firm, via Henry Blodget:

From James Montier of GMO, an investment management firm, via Henry Blodget

As the above chart shows, the ups and downs of the US economy are much more pronounced than the yearly economists' forecasts. In fact the economists' yearly forecasts are almost a constant and show little change from year to year.