Economic Growth Up, Jobless Claims Up
The Commerce Department reported that real economic growth in the U.S. during the last quarter of 2012 was revised upward to a seasonally adjusted annual rate of 0.4 percent in its third and final reading for the period, up slightly from a 0.1 percent rate reported a month ago.
The higher estimate was due largely to less of a drag from net exports and higher consumer spending, however, both inventory growth and government spending were revised downward.
In a separate Labor Department report, weekly claims for unemployment insurance jumped 17,000 to 357,000 for the week ending March 23rd, the highest level in a month. The smoothed four-week moving average rose from a recovery low of 340,750 to 343,000, about 10,000 below the levels seen in recent months.
Source: Iacono Research
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