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February 27, 2025
A report released by the Commerce Department on Thursday showed that the U.S. economy grew in line with its preliminary estimate in the fourth quarter of 2024. The Commerce Department said gross domestic product jumped by 2.3% in the fourth quarter, unchanged from the previous estimate. Economists expected the pace of GDP growth to be unrevised. The report said upward revisions to government spending and exports were offset by downward revisions to consumer spending and investment. The fourth quarter GDP growth reflects a notable slowdown compared to the 3.1% surge in the third quarter of 2024. The Commerce Department said the deceleration in real GDP in the fourth quarter primarily reflected downturns in investment and exports that were partly offset by an acceleration in consumer spending. The report also said the jump in consumer prices in the fourth quarter was upwardly revised to 2.4% from the previously reported 2.3%. The surge in core consumer prices, which exclude food and energy prices, was also upwardly revised to 2.7% from 2.5%. 02/27/2025 - 09:54:00 (RTTNews)
Reflecting a substantial rebound in orders for transportation equipment, the Commerce Department released a report on Thursday showing new orders for U.S. manufactured durable goods surged more than expected in January. The Commerce Department said durable goods orders shot up by 3.1% in January after tumbling by a revised 1.8% in December. Economists expected durable goods orders to jump by 2.0% compared to the 2.2% slump reported the previous month. Excluding the sharp increase in orders for transportation equipment, durable goods orders were unchanged in January after inching up by 0.1% in December. Ex-transportation orders were expected to rise by 0.3%. 02/27/2025 - 08:39:00 (RTTNews)
The Labor Department released a report showing first-time claims for U.S. unemployment benefits climbed much more than expected in the week ending on February 22. The report said initial jobless claims rose to 242,000, an increase of 22,000 from the previous week's revised level of 220,000. Economists expected initial jobless claims to inch up to 221,000 from the 219,000 reported the previous month. The Labor Department said the less volatile four-week moving average also crept up to 224,000, an increase of 8,500 from the previous week's revised average of 215,500. 02/27/2025 - 08:36:00 (RTTNews)
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