US real gross domestic product jumped 7.0% in the fourth quarter when measured at an annual rate, according to a second estimate released today by the US Department of Commerce. However, MarketWatch reported growth is more uncertain moving forward given Russia’s invasion of Ukraine, and The Associated Press reported the invasion is raising risks for the global economy.
Meanwhile, today’s estimate of the fourth quarter’s GDP growth rate is an upward revision from the previously released estimate of 6.9%. In comparison, GDP rose by just 2.3% in the third quarter.
Initial jobless claims were also announced today. The US Department of Labor reported initial jobless claims fell by 17,000 in the week ended Feb. 19 to a total of 232,000.
The four-week moving average of jobless claims fell by 7,250 to a total of 236,250.