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GDP grows 1.9%, jobless claims rise

July 31 2008

Real gross domestic product grew by 1.9% in the second quarter of this year, the U.S. Department of Commerce reported today. Meanwhile the U.S. Department of Labor said jobless claims rose in the past week.

The Department of Commerce also revised past GDP numbers, and said the fourth quarter of 2007 actually posted a decline of 0.2% instead of a 0.6% increase. It was the first decline since 2001, according to news reports. GDP grew 0.9% in the first quarter of this year.

In the week ended July 26, the advance figure for seasonally adjusted initial unemployment claims was 448,000, the Department of Labor reported. The four-week moving average was 393,000, an increase of 11,000, or 2.9%, from the previous week's revised average of 382,000.

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