It seems every day a new government report comes out reminding us how fucked up the economy is. Today's GDP report, however, took that concept one step further: it tells us that the economy is actually even more fucked up than we thought! Yesssss.
Output fell 6.2 percent at an annualized rate in the fourth quarter of 2008, revised downward from a previous estimate of a 3.8 percent decline. The drop was even steeper than many economists had feared — the consensus estimate had been a 5.4 percent decline — and was much lower than the 0.5 percent contraction from the previous quarter.
John Ryding, chief economist at RDQ Economics, described the report as "ghastly". Ouch. Well, at least it can't get much worse, right? WRONG, says John Barbera, chief economist at ITG. His prediction: "this quarter will be at least as bad as the last one."
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