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GDP Shrinks 6.3% in Q4, Q1 Outlook Not So Good
The U.S. economy contracted at a 6.3% annualized rate in the fourth quarter of 2008 – the sharpest decline in gross domestic product (GDP) in more than two decades, but still better than many analysts had expected.
The Bureau of Economic Analysis said last month that fourth-quarter GDP contracted at a 6.2% annual rate. Today’s (Thursday) revision, while negative, was smaller than the 6.7% decline forecast by economists surveyed by MarketWatch.
The most notable revision came from inventories, where the small increase in stockpiles originally reported was adjusted to show a small decline.
“The real change in private inventories subtracted 0.11 percentage…
27Mar2009 | Money Morning | 0 comments | ContinuedU.S. GDP Contracts 6.2%, Recovery Outlook Has Mixed Emotions
U.S. gross domestic product (GDP) contracted at a 6.2% annual pace in the fourth quarter of 2008, the most since 1982, the Commerce Department said Friday.
The government last month estimated the drop in fourth-quarter GDP at 3.8%. Friday’s 2.4 percentage-point revision was almost five times as large as the average adjustment.
“Most of the major components contributed to the much larger decrease in real GDP in the fourth quarter than in the third,” the Commerce Department said. “The largest contributors were a downturn in exports and a much larger decrease in equipment and software.”
Global trade, which contributed a 0.1%…
2Mar2009 | Money Morning | 0 comments | ContinuedUncertainty Escalates as Tomorrow’s Presidential Election Looms
Come Wednesday morning – after the presidential election tomorrow (Tuesday) – the United States will have a new commander-in-chief. The president-elect will face some significant challenges: A weak economy (okay, a recession, given last week’s gross domestic product (GDP) report, which confirmed just how dire the country’s economic situation had become).
While this week’s data from the manufacturing and housing sectors will be eagerly anticipated, nothing compares to Friday’s reports on unemployment and the picture of the ailing labor market. After nine consecutive months of job contraction, few analysts hold out much hope for optimism. In fact, some believe the jobless…
3Nov2008 | Money Morning | Comments Off | ContinuedAnd the Last Shall be First
What are we reckoning with today?
“Market buoyed by strong GDP report,” says a headline.
Yesterday, the Dow managed a strong rise – up 212 points. Oil fell back to $115. Even with a hurricane whipping up the waters of the Gulf of Mexico investors figured oil was a sell.
The dollar rose to $1.46 per euro. And gold rose too – plus $4.80, to $838.
Gold seems to have bottomed out at $784. That might have been the best buying opportunity we will have for many years. Time will tell.
We’re not bothering to guess. To us, gold is a good thing to have…
1Sep2008 | Daily Reckoning | Comments Off | Continued
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