By now you have heard, I am sure, that Real GDP fell by 6.2%!  That's one of the largest revisions EVER!!!  From -3.8% to -6.2%
                                  (Picture from the NY Times article.)

Production is down and so is inflation, the GDP deflator (price index) declined 4.1% after increasing by 4.5% in the third quarter.

Real Personal Consumption: down 4.3% in the fourth quarter after being down 3.8% in the third (all figures are annualized).
Real Nonresidential Fixed Investment down 21.2% compared with down 1.6%.
Real Residential Fixed Investment down 22.2% after being down 16% in the third.
Real Exports -23% but Real Imports only -16%!

Real Federal Government Expenditures UP 6.7% down from an increase of 13.8% in the third quarter.

All numbers are taken directly from the Bureau of Economic Analysis press release found here.

Not much to take positively from the 2008 4th quarter report.  The final revision at the end of next month may be to the upside but cannot make this report look very rosy no matter what.  This revision was worse than ALL expectations by economists!

The best thing - that's in the past and let's look to a more positive future ...
Takin' care of business!!