To the right you can see the graph from CNN of the last eight quarters' GDP growth. Bloomberg reports from inside the GDP numbers:
Turning to the day's unemployment news, Calculated Risk points out that initial jobless claims are still way, way too high to start looking for a ceiling. If we assume that four week average of weekly jobless claims will have to hit 400,000 for the unemployment rate to top out, it's alarming that we're still hovering in the high 500Ks -- and have been there, at least, for the last seven months.
Consumer spending, which accounts for about 70 percent of the economy, fell at a 1 percent pace, less than anticipated, following a 0.6 percent increase in the prior quarter. The decrease subtracted 0.7 percentage point from GDP. Purchases were forecast to drop 1.3 percent, according to the survey median.
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