U.S. second quarter GDP revised up to a 3% annual rate
The Bureau of Economic Analysis reported Thursday that U.S. second-quarter GDP was revised upward to an annual rate of 3%. The U.S. economy grew more in the second quarter than the originally estimated 2.8%.
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Aug. 29 (UPI) -- The Bureau of Economic Analysis Thursday revised second quarter U.S. real gross domestic product, increasing it from 2.8% to a 3% annual rate.
"The GDP estimate released today is based on more complete source data than were available for the 'advance' estimate issued last month," the BEA said in a statement. "In the advance estimate, the increase in real GDP was 2.8%. The update primarily reflected an upward revision to consumer spending."
The advance estimate reported in July was already higher than the 2.1% expected by Dow Jones economists.
GDP was 1.4% in the first quarter.
"Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending," the BEA statement added. "These movements were partly offset by a downturn in residential fixed investment."
Current-dollar GDP in the second quarter was up 5.5% at an annual rate.
The price index for gross domestic purchases was up 2.4% for the second quarter, an upward revision of 0.1%.
Current-dollar personal income was also revised. It increased $233.6 billion, a drop of $4 billion from the previous estimate.
Aug. 29 (UPI) -- The Bureau of Economic Analysis Thursday revised second quarter U.S. real gross domestic product, increasing it from 2.8% to a 3% annual rate.
"The GDP estimate released today is based on more complete source data than were available for the 'advance' estimate issued last month," the BEA said in a statement. "In the advance estimate, the increase in real GDP was 2.8%. The update primarily reflected an upward revision to consumer spending."
The advance estimate reported in July was already higher than the 2.1% expected by Dow Jones economists.
GDP was 1.4% in the first quarter.
"Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending," the BEA statement added. "These movements were partly offset by a downturn in residential fixed investment."
Current-dollar GDP in the second quarter was up 5.5% at an annual rate.
The price index for gross domestic purchases was up 2.4% for the second quarter, an upward revision of 0.1%.
Current-dollar personal income was also revised. It increased $233.6 billion, a drop of $4 billion from the previous estimate.
Real gross domestic income was up 1.3% in the second quarter, matching first-quarter results. Disposable personal income was up $183 billion, or 3.6%, That's $4 billion less than the previous estimate.
Personal saving was $686.4 billion, a downward revision of $34.1 billion compared with the previous estimate.
Corporate profits increased $46.4 billion compared with $65 billion in the first quarter.
Personal saving was $686.4 billion, a downward revision of $34.1 billion compared with the previous estimate.
Corporate profits increased $46.4 billion compared with $65 billion in the first quarter.
First time unemployment filings fall by 2,000
A "now hiring" sign is displayed in the window of a restaurant in Washington D.C. on August 12, 2010. First-time unemployment benefit filers decreased by 2,000 last year, the Labor Department said.
File Photo by Alexis Glenn/UPI | License Photo
Aug. 29 (UPI) -- First-time unemployment filings declined last week but Department of Labor daata released Thursday showed they remain at an elevated level.
Initial claims for unemployment benefits for the week ending Aug. 24 reached a seasonally adjusted 231,000, down 2,000 from the revised total last week.
The weekly snapshot of those filing for jobless benefits, which gives a glimpse of the workforce stability, is one of the key indicators the Federal Reserve watches in judging the health of the U.S. economy.
The total for first-time unemployment applications for the week before was revised up 1,000 to 233,000, according to the Labor Department. The latest total is 19,000 off the 2024 high of 250,000 filings during the week ending July 27.
The 231,000 filing for unemployment insurance last week still remains well above the 194,000 who filed back in January.
The four-week moving average for first-time applications was 231,500, a fall of 4,750 from the previous week's revised total of 236,250.
The overall number of people filing for unemployment benefits for the week ending Aug. 17 was 1.868 million, according to the Labor Department. That is an increase of 13,000 from the previous week's revised total, which was revised down by 8,000.
The four-week moving average of overall unemployment insurance filings was 1,863,250, a decrease of 250 from the previous week's revised total.
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Aug. 29 (UPI) -- First-time unemployment filings declined last week but Department of Labor daata released Thursday showed they remain at an elevated level.
Initial claims for unemployment benefits for the week ending Aug. 24 reached a seasonally adjusted 231,000, down 2,000 from the revised total last week.
The weekly snapshot of those filing for jobless benefits, which gives a glimpse of the workforce stability, is one of the key indicators the Federal Reserve watches in judging the health of the U.S. economy.
The total for first-time unemployment applications for the week before was revised up 1,000 to 233,000, according to the Labor Department. The latest total is 19,000 off the 2024 high of 250,000 filings during the week ending July 27.
The 231,000 filing for unemployment insurance last week still remains well above the 194,000 who filed back in January.
The four-week moving average for first-time applications was 231,500, a fall of 4,750 from the previous week's revised total of 236,250.
The overall number of people filing for unemployment benefits for the week ending Aug. 17 was 1.868 million, according to the Labor Department. That is an increase of 13,000 from the previous week's revised total, which was revised down by 8,000.
The four-week moving average of overall unemployment insurance filings was 1,863,250, a decrease of 250 from the previous week's revised total.
Read More
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