And it would have been worse, were it not for the inventory component: http://blogs.wsj.com/economics/2009/01/30/economists-react-painful-waiting-for-the-worst

And it would have been worse, were it not for the inventory component: http://blogs.wsj.com/economics/2009/01/30/economists-react-painful-waiting-for-the-worst/ http://blogs.wsj.com/economics/2009/01/30/economists-react-p... That'll change in Q1, so expect a really, really bad quarter.