Doomsday Scenario: U.S. economy shrinks by 6.2% in quarter, retailers are toast

Posted Feb 27th 2009 3:50PM by Alex Salkever
Filed under: Bad News, General Electric (GE), Ford Motor (F), Economic Data, Recession, Financial Crisis

Just when you thought the U.S. economy couldn't possibly get any worse, a daily does of Doomsday news. Bloomberg reporting the U.S. economy shrank 6.2% in the most recent quarter, a shocking amount. Look for retailers, already wobbly, to get pummeled in their upcoming quarterlies as even the mini-bounce turns into a falling feline. From Zero Hedge, we get even MORE bad news out of autos with Ford (NYS: F) admitting it has no idea where the bottom is. Yikes.

Economic problems in Europe starting to cause social unrest, as the ugly scenario of economics bleeding into politics looks more likely. General Electric (NYS: GE) FINALY cuts its dividend as the dividend downsizing parade continues. More doom and gloom to come next week. Have a great weekend, folks!

Alex Salkever is the Director of Research at Piqqem.com, a Wisdom of Crowds stock research tool and online investing community. He sometimes smiles when he eats chocolate.

Tags: automakers cars, F, Ford, GDP, GE, inthenews, recession, retailers