Today's advance reading on Q4 GDP showed that, so far at least, things in the fourth quarter were not as bad as originally thought. While economists were expecting a decline of 5.5%, the actual number showed a more modest (and manageable) decline of 3.8%. Below we highlight the major categories of the GDP report and their contribution to the headline number. As shown, Government Consumption had the greatest positive impact, while Personal Consumption accounted for the bulk of the declines. While futures have reacted positively to the news, even with the better than expected decline, today's report is still the worst since 1982.