GDP drops 3.8%, Autos 2.04% of that

GDP statistics were released today and it ain't pretty.

From Bureau of Economic Analysis:

GDP -3.8% 4th Quarter 2008

U.S. exports are way down, imports are also.

Inventory build up reduced the decline of GDP from -5.1% to 3.8%.

Autos was 2.04% of the GDP drop. These means nobody is buying cars and trucks!

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 3.8 percent in the fourth quarter of 2008, (that is, from the third quarter to the fourth quarter), according to advance estimates released by the Bureau of Economic Analysis. In the third quarter, real GDP decreased 0.5 percent.