A government report that is becoming more and more consequential as a reliable indicator of the health of the U.S. economy will be released at 10 a.m. Thursday morning.

The Census Bureau's Quarterly Services Survey (QSS) is starting to get notice as a must-follow in the world of economic data. It provides hard data on service spending, giving estimates of revenues at service-providing companies.

In the first quarter of 2014, the report provided a key revision that dramatically shifted estimates of healthcare spending and GDP, while defying predictions the Affordable Care Act would lead to a massive increase in healthcare spending.

The QSS data provided a better estimate of healthcare spending than the Bureau of Economic Analysis' advance estimate of first-quarter GDP, which had forecast a 9.9% explosion in healthcare spending. But healthcare spending ended up plunging something the QSS caught and the BEA missed.

The BEA told Business Insider the eventual revision in the bureau's final estimate of first-quarter GDP was based on the new data from the QSS. 

Look for the survey to provide a few important data points on health spending and revenue: Healthcare and social assistance spending, revenue for hospitals, revenue for medical labs, and revenue for outpatient care.

It is likely that second-quarter GDP and healthcare spending won't undergo big revisions like last time the first advance estimate forecast just a 0.5% increase in health spending this quarter. Or the estimate could actually increase last week, the Centers for Medicare and Medicaid Services said it expected about a 5.6% increase in healthcare spending this year. 

See Also:

Humans Could Be In The Middle Of A Huge Evolutionary TransitionAmerica Is On The Verge Of Losing Its Place In The World As No. 1Russian Hackers Publish Passwords To Nearly 5 Million Email Accounts

SEE ALSO: The Historic Slowdown In Healthcare Spending Looks As If It's About To Come To An End

AND: 9 Offbeat Economic Indicators Loved By Econ-Hipsters