GDP Watch: 2009 Q1 Advance

Unsurprisingly, the first 2009 numbers are worse than expected. Economists had projected a 4.7 percent decline, but the Advance report from the BEA has it at 6.1 percent. This is the worst two-quarter contraction since Q1 1958. And in other economic news, it looks as if six banks have failed the so-called stress tests, including Bank of America and Citi.

2009 Q1-6.1
2008 Q4-3.8-6.2-6.2-6.31.1 (1.3)
2008 Q3-0.3-0.5-0.3-0.5
2008 Q21.
2008 Q10.
2007 Q40.60.60.6-0.22.0
2007 Q33.
2007 Q23.
2007 Q11.
2006 Q43.
2005 Q41.
2004 Q43.