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Plunge in GDP:  Where Economy is Shrinking Most

First Quarter GDP fell by 6.1%, much worse than expected. This comes after the final numbers for Fourth Quarter GDP was down -6.3%, the worst quarter since Q1 1982 when economic "growth" was -6.4%. Estimates for the quarter were expecting a drop better than -5%. This is the first streak of three negative quarters since Q1 1975.

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

  • Gross Domestic Product: -6.1%
    • Personal Consumption: +2.2%
      • Durable Goods: +9.5%
      • Nondurable Goods: +1.3%
      • Services: +1.5% (Driven by a 20% increase in Electric & Gas use)
    • Private Investment: -51.8%
    • Net Exports:
      • Exports: -30.0%
      • Imports: -34.1%
    • Government Consumption: -3.9%
      • Federal: -4.0%
      • State & Local: -3.9%

Despite the negative numbers the futures remained positive on the news, as consumer spending numbers (roughly 70% of the economy) were up more than double analysts' estimates. Leading the Dow in the premarkets are Bank of America , General Motors , JP Morgan Chase , Alcoa and General Electric .

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