No one is expected to be able to predict the future perfectly.
However, Wall Street economists are paid a lot to be as accurate as possible when it comes to such tasks.
Unfortunately, according to their own revisions of their forecasts, they tend to be way off.
Deutsche Bank’s Torsten Slok charted economists’ revisions to GDP forecasts over time for five periods.
If these economists were spot on, then these lines would be straight from left to right.
But as you can see, these lines are rather squiggly.