Gasp! Good Economic News

The markets were surprised this morning by some welcomed positive economic news. First, the government revised Q3 GDP growth from 2.8% to 3.6%. That would be the fifth-best quarter for economic growth in the last 30 quarters.

Wall Street had been expecting a higher revision but only to 3.1%. Today’s report was a big surprise. The big change was due to upward revisions in inventory.

The other good economic news was today’s initial claims report. The number of Americans filing first time jobless claims was the second lowest in the last six-and-a-half years.

Posted by Eddy Elfenbein on December 5th, 2013 at 11:10 am

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