No Cerveza... No Trabajo
Join Date: Jun 2002
Location: Where's my beer?
GDP shrinks by "only" .3%
Thank God for federal, state and local government spending! Without it it would have been a terrible contraction.
Real personal consumption expenditures down 3.1%
Durable goods down 14.1%
Nondurable goods down 6.4%
Service expenditures up .6%
The hit on nondurable goods (i.e. clothing and such) is the biggest hit since the 1950s.
The overall all consumer expenditure number (-3.1%) is the first decline since 1991 and the weakest number since 1980.
Does this mean I'm down on the economy? Nah. We just need to work through the excess. The line still points up. Probably another bad quarter for the 4th (possibly worse than this one) and a bad number the first quarter in 09 and we'll start to up tick again.
My 401K is now a 400K (was 301K)