Friday, June 27, 2008
GDP revised down, record low for savings
Posted by David Smith at 10:15 AM
Category: Thoughts and responses

The new estimate for first quarter GDP (gross domestic product) was revised down to 0.3% (from 0.4%), with year-on-year growth lowered from 2.5% to 2.3%. Most striking was what happened to the personal sector - real household disposable incomes fell by 1% and the saving ratio plunged to just 1.1%. Not pretty. The details are here.