First Quarter GDP was revised to a final drop of 5.5%, slightly better than was previously reported 5.7% and the 6.1% originally reported. 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%. 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: -5.5%
- Personal Consumption: +1.4%
- Durable Goods: +9.5%
- Nondurable Goods: -0.4%
- Services: +0.9%
- Private Investment: -48.9%
- Net Exports:
- Exports: -30.6%
- Imports: -36.4%
- Government Consumption: -3.1%
- Federal: -4.5%
- State & Local: -2.2%
Jobless claims news outweighed the improved GDP and turned the futures negative this morning. Leading the Dow in the premarkets to the downside are Bank of America , IBM , JP Morgan Chase , and Proctor & Gamble .
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