Minus Six Point Two

It is almost an axiom that data revisions almost never matter, at least not in the short run. Maybe this one will be an exception... If you wanted to have a symbol for how bad things are turning, and how unexpected that is, consider this revision of the US GDP data for the Q4 2008, down from -3.8 to -6.2. And the forecast that we will mention this news a few times, is fairly straightforward.