U.S. GDP Shrank 6.2% in Q4 2008: Economy in a L-Shaped Recession?

Real GDP contraction in Q4 2008 was revised down from -3.8% to -6.2% (most since 1982) led by a greater than initially estimated contraction in exports, consumer spending and lesser contribution from inventories. Economy contracted -0.5% in Q3 2008 and grew 1.1% in 2008

Details: Real final sales (GDP - change in private inventories) decreased -6.4%. Private inventories added 0.16% to GDP growth. Real Personal consumption fell -4.3% (most since 1980); non-residential fixed investment fell 21.1% (most since 1975); government expenditure rose +6.7%; exports fell -23.6% (steepest fall since 1971); imports fell -16%. Net exports contribution to GDP growth turned negative: -0.5%