GDP Revised Lower; Jobless Claims Drop Thursday, December 22, 12:02 PM ET
The U.S. economy did not grow by as much as previously reported in the third quarter.
The Commerce Department released its final figure for third quarter gross domestic product today, and said the economy grew at a 1.8% annualized rate, a downward provision from its prior estimate of 2% growth.
Economists had expected the GDP figure to remain at 2%.
On the brighter side, initial jobless claims data fell again this week, extending last week's big decline and hitting a new low level since April 2008.
The Labor Department said first-time filings for unemployment benefits fell by 4,000, to a seasonally adjusted 364,000 in the week ended December 17.
The four-week moving average declined as well.
Gold is trading lower, leading the SPDR Gold Shares (AMEX:GLD) to trade down about .7%, and the iShares Gold Trust (AMEX:IAU) to trade down .6%.
Stocks are trending higher, with the SPDR S&P 500 (AMEX:SPY) trading up over .6%.
The U.K. said today its economy grew at a 0.6% annual rate in the third quarter, better than previously reported.
The iShares MSCI United Kingdom Index Fund (AMEX:EWU), with top holdings Vodafone (NASDAQ:VOD) and HSBC (NYSE:HBC) is trading up over .7% Thursday.
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