Update: Jobless claims fall sharply
The number of initial claims fell 17,000 to 320,000 in the week ended Nov. 26. See full government release
The decline was larger than forecast. Economists had expected claims to fall to 323,000, according to a survey conducted by MarketWatch. See Economic Calendar.
The government will release the November nonfarm payroll report on Friday. Economists are expecting a strong report, with about 224,000 jobs created in the month. One of the factors behind their optimism has been the low level of jobless claims over the past month.
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More Good News…
THE US economy powered higher in the third quarter at a 4.3 per cent annualised growth pace, the US Government said overnight, revising upward its previous estimate of 3.8 per cent growth.
The Commerce Department estimate was stronger than the 4.0 percent pace expected by economists and showed the world’s biggest economy was able to shrug off the impact of two powerful hurricanes and a surge in energy costs.
The upward revision in gross domestic product (GDP) was largely due to higher spending on nondurable goods and to more investments in homes and in business equipment and software.
But, don’t expect the LA Times to carry this propaganda on the front page! It may be too Pro-American!
And, Kurdistan Northern Iraq had some splendid economic news today as well…
The Kurdistan Regional Government (KRG) Nordic Representation is delighted to announce the inauguration of the first oil reserves in Iraqi Kurdistan.
The KRG Nordic would like to call attention to this historic day as the first drilling of oil reserves have begun in the province of Duhok in Iraqi Kurdistan.
