Quarterly GDP number revised upward, that’s a good thing
Jobless Claims down from previous week, that’s a good thing too
Economic Event | Period | Economic Survey | Actual Reported | Original Prior | Revised Prior |
GDP QoQ Annualized | 3Q S | 2.8% | 2.7% | 2.0% | |
Personal Consuption | 3Q S | 1.9% | 1.4% | 2.0% | |
GDP Price Index | 3Q S | 2.8% | 2.7% | 2.8% | |
Core PCE QoQ | 3Q S | 1.3% | 1.1% | 1.3% | |
Initial Jobless Claims | NOV 24 | 390K | 393K | 410K | 416K |
Continuing Claims | NOV 17 | 3325K | 3287K | 3337K | 3357K |
The economy in the U.S. expanded more than previously estimated in the third quarter as a narrower trade deficit and gains in inventory overshadowed a
smaller gain in consumer spending. Gross domestic product grew at a 2.7 percent annual rate, up from a 2 percent prior estimate. The number was juiced upward largely by increases in Government spending, because consumer spending actually decreased. Household purchases climbed at a 1.4 percent rate,
the least in more than a year and down from a previously reported 2 percent rate, and income gains were also cut.
Applications for jobless benefits decreased by 23,000 to 393,000 in the week ended Nov. 24. Economists forecast 390,000 claims, according to the median estimate in a Bloomberg survey. Fewer Americans filed first-time claims for unemployment insurance payments last week as the labor market disruptions wrought by SuperStorm Sandy ebbed.
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
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