That shrinking third quarter GDP

Estimates of the growth rate for the U.S. economy are starting to sound more and more like earnings estimates - you hear everyone talking about much larger numbers for months and months and then, when the final figures are reported, they prove to be a bit disappointing, in this case revised down from 3.5 percent, to 2.8 percent, to a final reading of 2.2 percent.

[Note: The above chart is an animated .gif - if you don't see it moving, that's not my fault.]

There's much more here and here on the latest data - something about weak business spending and a higher than expected rate of inventory liquidation.

Of course, fourth quarter GDP is supposed to be much improved over the third quarter...