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Business News

2nd Quarter GDP Even Higher


U.S. stocks are sharply lower in early trading as accusations fly in the Ukraine-Russia crisis. The S&P 500 eked out its 31st record of the year Wednesday, again closing above the 2,000 level. (CNBC)

The second estimate of 2nd quarter Gross Domestic Product shows the economy growing at an annual growth rate of 4.2%, slightly lower than the first estimate of 4.0%. (Bloomberg)

The Labor Department’s weekly jobless claims show 298,000 new claims last week the same as the prior week. (DOL)

Americans are more anxious about the economy now than right after the Great Recession despite an improving economy that is moving closer to full health. Seventy-one percent of Americans say they think the recession exerted a permanent drag on the economy. By contrast, in November 2009, only 49% thought the downturn would have lasting damage. (Associated Press)

Median household income has been on the rise for the past three years, climbing 3.8% to $53,891 in June. Median income remains 3.1% below its June 2009 level of $55,589. Midwesterners experienced a surge in median income since 2011, boosting them back to pre-recovery level. Southerners median income, however, is still 6.1% below its June 2009 level, while Northeasterners and Westerners saw their median income slip about 4%. (CNN Money)


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