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Current DateTime: 02:45:22 26 Nov 2009
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Current DateTime: 02:45:22 26 Nov 2009
LinksList Documentid: 30111251
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Feb.27
9:08 AM ET
Friday, 27 Feb 2009
Plunge in GDP:  Where Economy is Shrinking Most

Fourth Quarter GDP, was revised down to -6.2%, the worst quarter since Q2 1980 when economic "growth" was -7.8%.   The revision is a significant move from the -3.8% that was originally reported.

Here is a breakdown of where the economy is shrinking, and growing, most.

  • Gross Domestic Product:  -6.2%
    • Personal Consumption:  -4.3%
      • Durable Goods: -22.1%
      • Nondurable Goods: -9.2%
      • Services: +1.4% (Driven by a 13% increase in Electric & Gas use)
    • Private Investment:  -20.8%
    • Net Exports:
      • Exports: -23.6%
      • Imports: -16.0%
    • Government Consumption: +1.6%
      • Federal: +6.7%
      • State 7 Local: -1.4%

On the news and in combination with the government taking a bigger position in Citigroup[C  Loading...      ()   ], the futures are pointing to more downward pressure.  Citi is trading down 40% in the premarkets.  Also, leading the way to the downside in the premarkets are Bank of America [BAC  Loading...      ()   ], and General Motors [GM  Loading...      ()   ], and General Electric [GE  Loading...      ()   ].

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