GDP hit the skids with biggest decline since 1982

No improvement in U.S. GDP in Q4 2008, as it plummeted at a -6.2% annual rate, with large declines in consumer spending, investment, and exports, the U.S. Commerce Department announced Friday.

It's the U.S. economy lowest GDP rate since the -6.4% plunge in Q1 1982 -- another era that saw a sever recession, the Reagan Recession. A Bloomberg News survey had expected Q4 2008 GDP to decline -5.4%. The U.S. economy grew a scant 1.1% for all of 2008 -- or well below capacity.