U.S. Economic Growth Gets Revised Down for Late Last Year

 

The housing production component of GDP (residential fixed investment) was revised only slightly, showing a 22.2 percent rate of contraction that knocked 0.78 of a percentage point off the overall GDP growth rate for the fourth quarter.
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As expected, growth of real gross domestic product (GDP) for the final quarter of 2008 has been revised down substantially by the Commerce Department ?EUR??,,????'?????<

The downward revision for the fourth quarter reflected weaker numbers for many components of GDP, including consumer spending, business inventory investment, net exports and nonresidential fixed investment ?EUR??,,????'?????<

The housing production component of GDP showed a 22.2 percent rate of contraction. That?EUR??,,????'?????<

Courtesy of NAHB