First Quarter GDP, Advanced Estimate

April 29, 2009

Comments

The advanced estimate for first quarter GDP for 2009 indicates that the economy shrank 6.1%, a faster rate than the preliminary report indicated.

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 6.1 percent in the first quarter of 2009, (that is, from the fourth quarter to the first quarter), according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real GDP decreased 6.3 percent.

There has been a slight increase in personal consumption expenditures (PCE).

3 responses to “First Quarter GDP, Advanced Estimate”

odograph

April 29, 2009 at 4:04 pm

The worst news of the day, but maybe expected by us pessimists:

From Bloomberg, “Fed Is Said to Seek Capital for at Least Six Banks.” The report cites sources who’ve been “briefed on the matter.”

from NPR’s Planet Money
Steve

April 29, 2009 at 4:12 pm

Advance Release
Preliminary Release
Final Release

That’s the order.
Steve Plunk

April 29, 2009 at 4:17 pm

The optimistic report of falling inventories could mean business has been living off those inventories and will soon have to replenish stock leading to a better second quarter. Credit loosening may help as well. Heck, might as well throw in lower energy costs over last year (I still believe high energy costs damaged business and consumer confidence while hurting us in real terms).

If the media would play up the black swan of natural gas reserves and improved extraction it could reassure the public as well. We are still in shock from what happened last summer.