Q2 GDP Growth Revised Up to 2.5%

We had some good economic news today. The government revised the second-quarter GDP growth up to 2.5%. The original report showed only 1.1% growth. The big revision was largely due to the trade numbers we got earlier this month.

For the first time in a long time, the economy appears to be accelerating. For the last three quarters, GDP has gone from 0.1% growth to 1.1% and now, 2.5%.

The Department of Labor said that jobless claims fell to 331,000 last week. The number for the week before was revised higher by 1,000 to 337,000. The jobless claims report has been very steady lately. Next Friday brings another big jobs report, the last one we’ll see before the Fed’s September meeting.

The stock market is reacting well. I noticed that Ford ($F) is back above $16.50 per share.

Posted by on August 29th, 2013 at 12:08 pm

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