Dollars and Jens
Wednesday, April 29, 2009
The advanced report:
IV 06I 07II 07III 07IV 07I 08II 08III 08IV 08I 09
Gross domestic product1.
Nondurable goods.
Durable goods.
Change in private inventories-1.41-
Fixed investment-1.27-.57.47-.15-.97-.86-.25-.79-3.36-6.04
Net exports of goods and services1.33-1.201.662.03.94.772.931.05-.151.99
Government spending.

The consumption figure is about what I expected, which makes the headline rather worse than I anticipated; that's some pretty phenomenally bad investment data. I really didn't expect that there would be an even bigger drawdown (writedown?) of inventories than in previous quarters. I didn't expect the boost from net exports, either, though.

The headline is somewhat worse than most guesses I had seen, but the worst may be behind us. I sure hope so.

Update: By the way, that was over $100 billion in inventory reductions.


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