Update:Double happiness! Both pieces of data that came out at 8:30 were better than expected.
First initial claims: There were just 391K vs. 420k expected.
That’s the first sub-400K in a long time, and a big decline from last week’s upwardly revised 428K.
Meanwhile on GDP: Q2 was revised UPWARD to 1.3% from 1.2%.
What’s more, personal consumption was upwardly revised to 0.7%.
Markets are surging on the news. The S&P is up over 1%.
Coming up at 8:30: Weekly initial claims and the final revision to Q2 GDP.
Surprisingly, when it comes to GDP, analysts actually expect a slight upward revision from 1.0% to 1.2%.
The personal consumption index is expected to grow by just 0.4%, with the price index growing by 2.4%.
As for initial claims, expectations are for 420K, down slightly from 423K last week.
Markets are still modestly higher.
Full report here soon.
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