http://www.miami.com/mld/miamiherald/business/national/8258155.htmand for those who have not read it here's a couple of paragraphs
Mar. 21 - America's buoyant economic recovery could largely be a statistical illusion, according to research released this weekend. Last year's growth may be half the official figure, which would explain the lack of job creation which is damaging President Bush's re-election chances.
A growing number of discrepancies are emerging in America's economic numbers, including a dramatic over-estimation of manufacturing output. The latest analysis from Goldman Sachs suggests that the US economy may have grown by only about 2.2 percent in the year to the fourth quarter of 2003, considerably less than the official 4.3 percent.
Jan Hatzius, a senior economist at Goldman Sachs, has added his voice to a growing band who believe that the growth figures are overstating the true recovery of the US economy. Errors in calculating manufacturing output and income growth explain why unemployment, on all measures, has consistently disappointed the markets in recent months, the research claims.
Hatzius said: "Over the last year, the official data show real gross domestic product (GDP) growing a sturdy 4.3 percent. Yet, non-farm payrolls are up only 0.1 percent. It is hard to overemphasise how unusual this combination is."