Wedocumentthataggregateaccountingearningsgrowthisanincrementallysignificant
leadingindicatorofgrowthinnominalGrossDomesticProduct(GDP).Professionalmacro
forecasters, however,donotfullyincorporatethepredictivecontentembeddedinpublicly
availableaccountingearningsdata.Asaresult,futurenominalGDPgrowthforecasterrors
are predictablebasedonaccountingearningsdatathatareavailabletoprofessionalmacro
forecasters inrealtime