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.

Quarter Adv Pre Final Rev Annual
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
2007 Q4 0.6 0.6 0.6 -0.2 2.0
2007 Q3 3.9 4.9 3.9 4.8
2007 Q2 3.4 4.0 3.8 4.8
2007 Q1 1.2 0.5 0.6 0.1
2006 Q4 3.5 2.2 2.5 1.5 2.8
2005 Q4 1.1 1.6 1.7 1.3 2.9
2004 Q4 3.1 3.8 3.8 2.4 3.6

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