Dollars and Jens
Friday, January 30, 2009
III 06IV 06I 07II 07III 07IV 07I 08II 08III 08IV 08
Gross domestic product.
Nondurable goods.
Durable goods.
Change in private inventories-.11-1.41-
Fixed investment-.81-1.27-.57.47-.15-.97-.86-.25-.79-3.12
Net exports of goods and services-.121.33-1.201.662.03.94.772.931.05.09
Government spending.

This isn't as bad a headline number as was widely feared; note, though, the large positive contribution from inventory build-up. Imports and exports were both way down, but in a very nearly canceling fashion. Every single subcategory of fixed investment was negative. Food was substantially negative; this could mean that people are actually eating less, but it seems more likely to me that it reflects substitution into cheaper food. I wonder whether I can dig up more detail on that.


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