Revision of data releases

I've noticed that data releases seem to be constantly revised from one period to the next. When a release is indeed revised we're already reacting to the next release. I believed that the fundamentals ultimately drove price action but given the consistency of these revisions it leads me to ask, does price action really reflect the 'true' economic picture or the picture that is perceived at the time?

Prices are always a function of perception. Fundamentals, technicals, and everything else are just inputs into the traders' process for developing those perceptions.