CERF Blog
We have some economic news out today. 453,000 filed initial unemployment claims, and the second quarter GDP estimate is 1.7 percent growth. The news people are practically ecstatic over this, proclaiming it’s good news. The markets seem to agree. Each of the stock markets are up right now.
True enough, the unemployment claims are down a bit from the previous week, but last weeks numbers were also revised up. The fact is initial unemployment claims of 453,000 is a big number. It is not good news. Similarly, 1.7 percent GDP growth is is a slight revision upward from the initial estimate, but it is still extraordinarily weak.
It is not time to celebrate yet.