U.S. Government data released this morning showed the economy and personal consumption grew more than estimated in the second quarter and jobless claims decreased more than forecast last week.
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT
SEASONALLY ADJUSTED DATA
In the week ending Sept. 25, the advance figure for seasonally adjusted initial claims was 453,000, a decrease of 16,000 from the previous week's revised figure of 469,000. The 4-week moving average was 458,000, a decrease of 6,250 from the previous week's revised average of 464,250.
The advance seasonally adjusted insured unemployment rate was 3.5 percent for the week ending Sept. 18, a decrease of 0.1 percentage point from the prior week's revised rate of 3.6 percent.
The advance number for seasonally adjusted insured unemployment during the week ending Sept. 18 was 4,457,000, a decrease of 83,000 from the preceding week's revised level of 4,540,000. The 4-week moving average was 4,526,750, a decrease of 5,500 from the preceding week's revised average of 4,532,250.
UNADJUSTED DATA
The advance number of actual initial claims under state programs, unadjusted, totaled 370,147 in the week ending Sept. 25, a decrease of 12,176 from the previous week. There were 445,618 initial claims in the comparable week in 2009.
The advance unadjusted insured unemployment rate was 3.0 percent during the week ending Sept. 18, a decrease of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,766,450, a decrease of 169,875 from the preceding week. A year earlier, the rate was 3.8 percent and the volume was 5,072,855.
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Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.7 percent in the second quarter of 2010,(that is, from the first quarter to the second quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.6%.
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures, nonresidential fixed investment, exports, private inventory
investment, federal government spending, and residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the second quarter primarily reflected a sharp acceleration in
imports and a sharp deceleration in private inventory investment that were partly offset by an upturn in residential fixed investment, accelerations in nonresidential fixed investment and in federal government spending, and an upturn in state and local government spending.
Final sales of computers added 0.03 percentage point to the second-quarter change in real GDP
after adding 0.10 percentage point to the first-quarter change. Motor vehicle output subtracted 0.06 percentage point from the second-quarter change in real GDP after adding 0.74 percentage point to the first-quarter change.
Full Report: http://www.bea.gov/newsreleases/national/gdp/2010/gdp2q10_3rd.htm
