The US Bureau of Economic Analysis reported its third estimate of GDP growth today, showing GDP increased at an annual rate of 2.1% in the second quarter. That’s unchanged from the agency’s second estimate released previously. The third, and final, estimate is based on more complete source data.
GDP had increased 2.2% in the first quarter.
Economists still don’t expect a recession this year, but the third GDP estimate did see consumer spending revised much lower, CNN reported. Consumer spending accounts for about 70% of economic output.
An advance estimate of third-quarter GDP growth is scheduled for Oct. 26.
Separately, the US Department of Labor reported US initial jobless claims rose by 2,000 in the week ended Sept. 23 to a total of 204,000. In addition, the previous week’s level was revised upward by 1,000.
The labor market continues to defy the Federal Reserve’s interest rate hikes meant to cool it, The Associated Press reported.
However, the four-week moving average of initial claims fell by 6,250 to a level of 211,000, though the previous week’s average was revised upward by 250.