Economic Update

Investing.com – The number of Americans filing new applications for unemployment benefits showed little change last week. Additionally, a separate report revealed stronger-than-expected economic growth in the second quarter.

Initial claims for state unemployment benefits totaled 231,000 for the week ended Aug. 24, slightly below forecasts of 232,000. The previous week’s total was revised up from 232,000 to 233,000.

Continuing claims, which represent the number of people receiving benefits after an initial week of aid, increased by 13,000, reaching 1.868 million.

In related news, second-quarter gross domestic product (GDP) was revised higher to 3% on an annualized basis, surpassing the former estimate of 2.8% and above the 1.4% growth recorded in the first quarter.