It's The Economy Stupid: Things ain't bad

Okay, depending on how you count, or when you count, Jobless claims went down.  Also, GDP is growing at a steady, if somewhat subdued, rate.  Things ain’t bad!

 

The number of people on unemployment benefit rolls dropped to the lowest level since August 2008, while those getting extended benefits also decreased.

 

GDP was steady, while corporate profits climbed at the slowest pace in three years, making the market nervous over the prospect that business investment and hiring will cool.

 

 

Economic Event	Period	Economic Survey	Actual Reported	Original Prior	Revised Prior
GDP QoQ Annualized	4Q T	3.0%	3.0%	3.0%
Personal Consumption	4Q T	2.1%	2.1%	2.1%
GDP Price Index	4Q T	0.9%	0.9%	0.9%
Core PCE QoQ	4Q T	1.3%	1.3%	1.3%
Initial Jobless Claims	MAR 24	350K	359K	348K	364K
Continuing Jobless Claims	MAR 17	3350K	3340K	3352K	3381K

 

JOBLESS CLAIMS

 

Wire: BLOOMBERG News (BN) Date: Mar 29 2012  7:46:03

Jobless Claims in U.S. Decline to Lowest Since April 2008 (1)

 

March 29 (Bloomberg) -- The number of Americans seeking

unemployment benefits dropped last week to the lowest level in

almost four years, adding to evidence of an improving U.S. labor

market.

     Initial jobless claims fell 5,000 in the week ended March

24 to 359,000, the lowest since April 2008, the Labor Department

reported today in Washington. The median forecast of economists

in a Bloomberg News survey called for 350,000 claims. With the

report, the government data also contain revisions dating back

to 2007.

 

GDO

                      

Wire: BLOOMBERG News (BN) Date: Mar 29 2012  7:50:33

Economy in U.S. Grew at 3% Annual Rate in Fourth Quarter (2)

 

     March 29 (Bloomberg) -- The economy in the U.S. grew at a 3

percent annual rate in the last three months of 2011, the same

as previously estimated, while corporate profits climbed at the

slowest pace in three years, raising the risk that business

investment and hiring will cool.

     The increase in gross domestic product was the biggest in

more than a year and followed a 1.8 percent gain in the prior

period, revised figures from the Commerce Department showed

today in Washington. Company earnings were up 0.9 percent from

the third quarter, the smallest advance since the last three

months of 2008.

     While the report showed business spending on new equipment

and software climbed more the previously estimated, figures this

month indicate outlays are slowing following the expiration of a

government tax credit. Consumers may be poised to take a leading

role in the expansion as the biggest increase in employment

since 2006 gives households the confidence and means to spend.

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

Ph:  225-342-0013

Fx:  225-342-9721

Email:  jbroussard@treasusry.state.la.us