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US GDP rose 2.3% in Q3

Thursday, Jul 30 2015

US GDP rose at a 2.3% annualized rate, and a revised 0.6% advance in the first quarter wiped out a previously reported contraction, Commerce Department data showed Thursday in Washington. Analysts were anticipating 2.6% gain. Consumer spending grew more than projected.The economy has moved beyond some of the early 2015 constraints including weather and port delays, while cooling global markets, a strong dollar and insufficient wage gains may continue to limit growth. 

Separate report on Unemployment Claims showed increase by 12,000 to 267,000 in the period ended July 25, from 255,000 the prior week that was the lowest since November 1973. The median forecast called for 268,000. The four-week moving average,  a less-volatile measure of job cuts, declined. Dismissals holding below 300,000 and sustained hiring would help convince Federal Reserve policy makers that the economy can withstand an increase in the benchmark interest rate.

 

After the data USD added few points. Euro is currently being traded around 1.0940 area, Sterling is at 1.5620 level, while Aussie is slightly below 0.7280 area.

More in this category: « German unemployment unexpectedly rose in July Australian PPI up by 0.3% »

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