state GDP

Q3 GDP revised down from 3.5% to 2.8%

Oh what a difference a day makes....

The BEA released it's revised Q3 2009 GDP today. Q3 GDP was revised downward to 2.8%.

The second estimate of the third-quarter increase in real GDP is 0.7 percentage point lower, or $23.7 billion, than the advance estimate issued last month, primarily reflecting an upward revision to imports and downward revisions to personal consumption expenditures and to nonresidential fixed investment that were partly offset by an upward revision to exports.

Think our trade deficit isn't a problem? Think again. So, we imported more stuff and people bought less. From the tables, imports jumped 20.8% in Q3 2009 and contributed a whopping -2.53 to overall GDP.

Q2 GDP stands at the revised -0.7%.

BEA U.S. Metro GDP maps for 2008

The Bureau of Economic Analysis put out a information release showing the GDP slowdowns of U.S. metro areas in 2008.

BEA GDP change for 2008

The dark blue is the biggest increase in GDP, the darker tan is the biggest decrease.

New statistics released today by the U.S. Bureau of Economic Analysis show that the slowdown in U.S. economic growth was widespread: 60 percent of metropolitan areas saw economic growth slow down or reverse. Real GDP growth slowed in 220 of the nation’s 366 metropolitan statistical areas (MSAs) in 2008 with downturns in construction, manufacturing, and finance and insurance restraining growth in many metropolitan areas. Growth in real U.S. GDP by metropolitan area slowed from 2.0 percent in 2007 to 0.8 percent in 2008.