The barry111
Consumer spending ( a portion of GDP) not GDP:-
"The GDP report showed consumer spending, which accounts for more than two-thirds of the economy, dropped at a revised 3.7 percent annual rate in the third quarter, more than the 3.1 percent decrease estimated by Commerce last month."
still obviously not good.
BUT
GDP was revised to -0.5% for Q3 from -0.3%.
http://mam.econoday.com/byshoweventfull.asp?fid=23544&cust=mam&year=2008
If GDP was revised from -0.3% to -3.7% the market would have been smashed.
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