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"After we receive the data on Valentine's Day from the US Census Bureau suggesting that at least retail and e-commerce had slowed a good deal, had certainly fallen below estimates which we're expecting a small acceleration.

It became a little bit tepid between which was the true data because I talked to a lot of payment providers that were saying that e-commerce accelerated retail spending accelerated judging by the payments that they were actually processing.

So it became a disconnect between what the Census Bureau is reporting and what the payment providers and also the retail earnings that we've seen have showcased.

So it becomes a question of - Is there a glitch in the system as Larry Kudlow suggested during the government shutdown?

And will there be a revision that can make things more clear?

It will mean a lot for how much we trust the data that comes from the government in the future, if there continues to be the disconnect between what the private sector is reporting and what the public sector is telling us is the truth."


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