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, 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 , and General Motors , and General Electric .
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