U.S. GDP revised to decline of 6.2% in fourth quarter

[Roland99]

Source: MarkeWatch

WASHINGTON (MarketWatch) - The U.S. economy was hitting on almost 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. Economists surveyed by MarketWatch had expected a revision to a 5.5% decline. The revision showed inventory investment and exports were "substantially weaker" than first reported, the government said.

Read more: http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B616ECED3%2DC84C%2D4A44%2D98BC%2D56CB5911BE59%7D

[marmar]

1. Strange how it's always revised DOWN, isn't it?

:think:

[Roland99]

2. Worst decline in 27 years. W/o auto sales, it was still -4.4% annualized

[tritsofme]

6. They can't win to lose with some people.

If its an upward revision they are fudging numbers, but if its a downward revision they are trying to do it sneakily or something like that.

Maybe its just harder to count $13 trillion of the economy in 60-90 days than you would think?

[marmar]

7. Or maybe some people just like to add strident addendums to posts....

:eyes:

[gratuitous]

3. This will be imputed to the Obama administration

The popular media, who never saw any connection between Bush policies and their inevitable results, and for whom in many ways the Bush presidency never really started, will impute this decline to the Obama administration. So Bush, who got a pass on failing to do a fucking thing about 9/11 (except go on vacation), was never responsible for anything. Obama, on the other hand, has already become responsible for every last hangover from the Bush years, including two wars, an economy in the crapper, and you can bet this downturn in the GDP.

Just you watch.

[ixion]

4. my response to those who would try:

this was when little lord pissypants was still in office, so Obama had nothing whatsoever to do with it.

[fasttense]

5. GDP hasn't been this bad since Ronald Reagan was President..

Wasn't Ronnie Raygun the God and savior of the Republicon party?

"It was the worst decline in GDP since a 6.4% decrease in the first quarter of 1982."

Tells you something there. Seems every damn time there is a very serious problem with the US economy, there is a Republicon behind it.