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Home > News and Opinion > GDP Down For Third Straight Quarter

GDP Down For Third Straight Quarter

Lee Siler | Wednesday, April 29th, 2009

The U.S. economy shrunk more than expected, according to the Commerce Department.  The U.S. saw economic contraction for the third straight quarter, a run not seen since 1974-1975.  Analysts had expected the GDP to be down 4.9%, but the number actually came in down 6.1%.

However, there was a bright spot in the dim economic data.  Consumer spending which accounts for approximately two-thirds of our economy rose 2.2%.  This was good news considering that the consumer all but folded up their tents and spent nothing in the second half of last year.  Helping spending was a significant jump in durable goods of 9.4%.

For today stocks are indicating a higher opening.  Despite the swine flu news that the U.S. had its first death, stocks continue to shrug off anything that could put a damper on this rally.

I still think we need to be very cautious, however, I did add a new idea to the focus list.  Avnet  (AVT) is a company that distributes electronic parts such as semiconductors, computer servers, connectors and data storage products.  The chart looks very constructive, as it cleared out its 200-day MA yesterday.

In the meantime, let’s have a great day…

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