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rdean
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U.S. second-quarter GDP growth revised sharply higher to 3.7 percent
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew at a 3.1 percent rate, rather than the 2.9 percent pace reported last month. Consumer spending got off a to brisk start in the third quarter, with retail sales rising solidly in July.
A strong labor market, cheaper gasoline and relatively higher house prices are boosting household wealth, helping to support consumer spending.
The employment picture was further brightened on Thursday by a separate report from the Labor Department showing initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 271,000 for the week ended Aug. 22.
It was the 25th straight week that claims remained below the 300,000 threshold, which is usually associated with a strengthening labor market.
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I wish Republicans would stop hoping our economy would collapse. That already happened. It was when they were in charge. As long as they continue to do nothing, things will probably get better. It's when they follow GOP economic policies that bad things happen.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, grew at a 3.1 percent rate, rather than the 2.9 percent pace reported last month. Consumer spending got off a to brisk start in the third quarter, with retail sales rising solidly in July.
A strong labor market, cheaper gasoline and relatively higher house prices are boosting household wealth, helping to support consumer spending.
The employment picture was further brightened on Thursday by a separate report from the Labor Department showing initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 271,000 for the week ended Aug. 22.
It was the 25th straight week that claims remained below the 300,000 threshold, which is usually associated with a strengthening labor market.
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I wish Republicans would stop hoping our economy would collapse. That already happened. It was when they were in charge. As long as they continue to do nothing, things will probably get better. It's when they follow GOP economic policies that bad things happen.