The Q4 United States GDP is announced and it's ugly.
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 6.2 percent in the fourth quarter of 2008, (that is, from the third quarter to the fourth quarter), according to preliminary estimates released by the
Bureau of Economic Analysis. In the third quarter, real GDP decreased 0.5 percent
The biggest contributor is U.S. exports:
Real exports of goods and services decreased 23.6 percent in the fourth quarter, in contrast to an increase of 3.0 percent in the third. Real imports of goods and services decreased 16.0 percent, compared with a decrease of 3.5 percent.
Next is personal consumption expenditures.