Thursday, March 26, 2009

And now the bad news

The good news didn't last very long did it?

The Department of Commerce released its final estimates of 4th quarter GDP, revising the contraction in output to an annual rate 6.3 percent, instead of the preliminary estimate of 6.2 percent. Corporate profits also plunged a quarter of a trillion dollars (16.5 percent) in the 4th quarter.

The seasonally-adjusted initial claims for unemployment insurance for this last week are also back up, though the unadjusted figures were down and the four-week moving average of seasonally-adjusted claims dipped.