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Thursday, January 30, 2014

Q4 GDP 3.2%, Weekly Initial Unemployment Claims increase to 348,000

by Calculated Risk on 1/30/2014 08:36:00 AM

I'll have more on GDP soon. From the BEA: Gross Domestic Product, 4th quarter and annual 2013 (advance estimate)

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.2 percent in the fourth quarter of 2013 (that is, from the third quarter to the fourth quarter), according to the "advance" estimate released by the Bureau of Economic Analysis.
The increase in real GDP in the fourth quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, nonresidential fixed investment, private inventory investment, and state and local government spending that were partly offset by negative contributions from federal government spending and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The DOL reports:
In the week ending January 25, the advance figure for seasonally adjusted initial claims was 348,000, an increase of 19,000 from the previous week's revised figure of 329,000. The 4-week moving average was 333,000, an increase of 750 from the previous week's revised average of 332,250.
The previous week was revised up from 326,000.

The following graph shows the 4-week moving average of weekly claims since January 2000.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 333,000.

This was the above the consensus forecast of 327,000.