GDP has been revised downward to 0.5% for Q3, 2008. From the BEA:
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 0.5 percent in the third quarter of 2008, (that is, from the second quarter to the third quarter), according to preliminary estimates released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.8 percent.
Looks like they are still blaming Hurricane Ike. The details on what were the contributing factors is in the link. One thing to note is this includes government spending increases.
Noted is this is the fastest rate of GDP decline in 28 years.
Housing prices declined a whopping 17.5% from one year ago.
Also noted is consumers stopped shoppin' and businesses stopped investin'.