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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, 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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