GDP, Jobless Claims Data Add To Signs Of Slow, Steady Growth
The two latest economic indicators both point to modest, steady-as-she-goes growth:
-- Gross domestic product grew at a moderate 2.5 percent annual rate in the second quarter, the Bureau of Economic Analysis says. That's exactly what the agency reported the last time it estimated growth for the April-June quarter.
The new number also means BEA has now repeated that its initial growth estimate for the quarter (1.7 percent) was too low.
-- There were 305,000 first-time claims for unemployment insurance filed last week, down by 5,000 from the week before, the Employment and Training Administration says. Claims continue to run at their lowest pace since mid-2007. But job growth has not picked up enough yet to bring the nation's jobless rate below 7 percent.