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GDP estimate up, initial jobless claims down

August 28 2008

Second-quarter growth in real gross domestic product was revised upward, and the number of initial unemployment claims dropped.

Real GDP grew at a rate of 3.3% in the second quarter, according to an upward revision in the estimate released today by the U.S. Department of Commerce, with exports helping propel growth. An earlier estimate had second-quarter real GDP growing at only 1.9%.

Also, in the week ended Aug. 23, the advance figure for seasonally adjusted initial unemployment claims was 425,000, the U.S. Department of Labor reported today. The four-week moving average was 440,250, a decrease of 6,000, or 1.3%, from the previous week's revised average of 446,250.

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