Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Friday, 28 August 2015

US GDP revised up

US GDP for the second quarter revised up to an annualised pace of +3.7 per cent (2nd estimate) from +2.3 per cent as inventories were revised up, while the trade dficit was also revised down.

In the first quarter the US economy grew at an estimated pace of +0.6 per cent.

On Thursday a separate report from the Department of Labor showed initial claims for unemployment benefits declined by 6,000 to 271,000 for the week ending 22 August.

This means that for more than 20 weeks in a row jobless claims have printed below the 300,000 threshold which is believed to be a positive indicator for the labour market. 

Big rebounds for stocks, commodities (especially oil, copper and iron ore futures) around the globe.