Dow 
1.66% Nasdaq 0.98%
1.66% Nasdaq 0.98%Posted on 02/27/2009 1:21:18 PM PST by Red Steel
Worst quarter since 1982 as spending, investment and exports drop sharply
WASHINGTON (MarketWatch) -- The U.S. economy was hitting on virtually no cylinders in the fourth quarter, as gross domestic product fell at the fastest pace since 1982 on sharp declines in consumer spending, investment and exports, the government said Friday. GDP fell at a 6.2% seasonally adjusted annualized pace in the final three months of 2008, revised from the initial estimate of a 3.8% drop, the Commerce Department reported. It was the worst decline in GDP since a 6.4% decrease in the first quarter of 1982.
"Economic developments in recent months have been consistently worse than the worst-case scenarios," noted Stephen Stanley, chief economist for RBS Greenwich Capital.
Economists surveyed by MarketWatch had expected a revision to a 5.5% decline, based on updated monthly data on inventories, exports and other key measures. See Economic Calendar.
The revision showed inventory investment and exports "substantially weaker" than first reported, the government said. Consumer spending was also revised lower. Read the full report.
Final sales of domestic product fell 6.4%, the worst since 1980. Final sales to domestic purchasers, a measure of domestic demand, fell 5.7%, also the worst since 1980.
Unadjusted for price changes, GDP fell 5.8% to an annual rate of $14.2 trillion in current dollar terms, the data showed.
(Excerpt) Read more at marketwatch.com ...
1.66% Nasdaq 0.98%You ain’t seen nothing yet.
Yup, it’s beyond the time for me to pull out of the market.
Yup, it’s beyond the time for me to pull out of the market.
In other words it took four years of Jimmy Carter before economy dived that badly. The One™ did it in only a few months.
A rough ride is ahead.
Just watch the attack on the 2nd amendment that is coming soon.
Ominous times they are.
With the current Dept. of Commerce generating these numbers, I wonder how reliable they are?
I’m not enjoying the curse of living in interesting times.
Suffering with you.
Your words are music to a socialist in power.
Me thinks our leader is dancing in perfect step...
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