It also implies productivity growth will be reported as well under 1%.
Some hullabaloo about the auto entry (Appendix Table A.) that shows an outsized 25.7 that some say has helped the GDP reach that lofty 1.6 and not the otherwise 0.9. (But a little analysis is a dangerous thing maybe...)
I see there is a similarly large entry for 2005 Q3 (and 2004 Q3, so autos are dumped in q3s) which takes quite a bit of steam out of this observation for me. Still, it means that q4 has this brought forward component that will bring down GDP by...a startling amount if 2005 is any indication.
The quadrant of numbers which showed GDP 2005q3 @ 4.9
helped by autos @ 22.6 falling to a GDP 2005q4 @ 1.8 hampered by autos @ -19.1.
If we assume auto sales continue this pattern and the all else stays the same, we can look forward to a miserable q4 auto component that will push GDP into negative territory.
It is (econometrically) surprising the difference a year can make: In 2005 q3, 22.6 (the auto stat) made a difference of 1.3 to the GDP stat, but in 2006 q3, 25.7 (some >10% than 22.6) makes a significantly smaller dent/bulge to GDP (0.7). Did the relative weighting of the auto component change? By half? (The dangers of analyzing...)
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