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||-6.3||1.1 (1.3)||2008 Q3||-0.3||-0.5||-0.3||-0.5|
|2008 Q2||1.9||3.3||2.8||2.8||2008 Q1||0.6||0.9||1.0||0.9|