Q4 GDP revised down to -6.2% from -3.8%
The U.S. economy performed even worse than previously believed -- and worse than economists expected. The revised Q4 2008 GDP number that was just released came in at negative 6.2%, vs. the previous estimate of -3.8% and the market expectation for a reading of negative 5.4%. That makes last quarter the worst for the economy since 1982. Consumer spending fell at a 4.3% rate, the worst contraction since 1980.
Some market action worth noting: The Dollar Index is flying as a result, tagging its November high just below 88.50. S&P futures are down 19 handles, undercutting their November low. Meanwhile, the terms of the Citigroup bailout (finally confirmed this a.m.) appears to have bank stock investors skittish. The stock is plunging in the pre-market, dragging other banks down as well.
Some market action worth noting: The Dollar Index is flying as a result, tagging its November high just below 88.50. S&P futures are down 19 handles, undercutting their November low. Meanwhile, the terms of the Citigroup bailout (finally confirmed this a.m.) appears to have bank stock investors skittish. The stock is plunging in the pre-market, dragging other banks down as well.
posted by Mike Larson at
8:31 AM
1 Comments:
I have stumbled across an interesting article that looks at the current banking crisis and compares it to previous banking crises around the world and looks at the likely effects on the economy based on past information.
The article is titled The Banking Crisis - Where are we now? and makes for an interesting read.
It seems the worst is far from over if this article is anything to go on.
By
Anonymous, at March 2, 2009 at 11:40 AM
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