GDP Final Q2 Estimates show GDP increased by 1.7%, higher than the expected 1.6% increase, following a 1.6% estimated increase in the preliminary Q2 estimate (today’s release is based on a more complete set of data), after increasing by 3.7% in the first quarter of 2010 and 5.6% in the fourth quarter of 2009. The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures, nonresidential fixed investment, private inventory investment, federal government spending, residential fixed investment and exports. 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 partially offset by an increase in residential fixed investment, accelerations in nonresidential fixed investment and in federal government spending, and an increase in state and local government spending.
Initial Claims decreased to 453,000, for the week ending 09/25, against the expected decrease to 461,000, after increasing to 469,000, the revised level for the previous week. The 4-week moving average decreased to 458,000, from the previous week’s revised average of 464,250. Seasonally adjusted insured unemployment from the prior week, ending on 09/18, was 4,457,000, a decrease of 83,000 from the preceding week’s revised level of 4,540,000. Seasonally adjusted insured unemployment rate from the week ending on 09/18, was 3.5%, a decrease of 0.1% from the previous week’s revised figure of 3.6%.
Upcoming Releases
Personal Consumption Expenditures (10/01 at 8:30 AM EST)
ISM Manufacturing Index (10/01 at 10:00 AM EST)
Construction Spending (10/01 at 10:00 AM EST)
Pending Home Sales (10/04 at 10:00 AM EST)
