Newest Economic Data Points to Progress….

Oct. 1, 2010 - PRLog -- The latest data released today deals with both unemployment numbers for America as well as a revised and final review of the 2nd quarter economic growth. This week’s new unemployment claims came in lower than last week and mark a return to the trend over the past month that saw a significant drop in weekly unemployment claims. The data released today is for last week and shows a drop of 16,000 to a new seasonal average of 453,000. While it is certainly good news that this downward trend has returned and reinforces what I said last week it is by no means a signal that we are out of the woods yet. As I have mentioned before we need to see these numbers drop below 400,000 for them to make an impact on our nations 9.6% unemployment rate. While we obviously still have a way to go, any positive news such as this is always welcome on Wall Street which saw a rise in stock prices today due to these numbers.

The 2nd newsworthy piece of economic news that came out today was a revision of the GDP growth rate for the April to June quarter. It was initially reported last month that the economy grew by a less than expected 1.6%, today the final numbers were released that showed a 1.7% increase. While this number is much lower than the 3.7% growth rate that we saw in the first quarter the small bump that was reported today also contributed to the optimism on Wall Street. We have to realize that this recovery will take time, a lot more time than many Americans are willing to give. While expectations for the 3rd quarter growth rate are not great, the positive numbers that have come out over the past month in relation to consumer purchasing, inflation, and unemployment should lead to an expansion of around 2%. Stay tuned, these numbers will be coming out over the next couple of weeks, so let’s hope that I am on the low side of projections.

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