This was the headline this morning on many websites and news sources. What you need to remember is this: they are reporting figures for the 4th Quarter 2008.
That’s right, the period from October 1, 2008 – December 31, 2008. That information is already TWO MONTHS OLD.
Nothing new here, we are all in the middle of this. In fact, keep in mind, with many economic numbers, including GDP, the schedule works like this:
Quarter ends (say, December 31)
First estimate of GDP due: January 31
Preliminary results due: February 27
Final results due: March 31. So we’ll be hearing again how terrible the 4th quarter was at the end of March.
Economy shrinks at fastest pace in 26 years
Economy shrinks at faster-than-expected 6.2 percent pace in fourth quarter, worst in 26 years
Enough to make you sick, isn’t it?