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David Sims is a Certified Public Accountant residing in Richmond, Virginia.
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  • GDP Increases 1.9%, Unemployment Claims Miss Target 0 comments
    Jun 28, 2012 9:01 AM | about stocks: FDO, SPY, DIA

    1st Quarter GDP Estimate

    The Commerce Department reports that 1st Quarter Gross Domestic Product of 1.9%. Analysts expected 1.9%.

    Motor vehicle output added 1.16%. Real personal consumption increased 2.5%. Real nonresidential fixed investment increased 3.1 percent. Real exports of goods and services increased 4.2 percent.

    Initial and Continuing Unemployment Claims Report

    The Department of Labor reports that initial unemployment claims were 386,000 for the week of June 23rd. The four-week moving average of initial claims decreased to 386,750. Continuing claims for the period were 3,296,000. Analysts expected initial claims to be 385,000 and continuing claims to be 3,283K.

    The mediocre news casts a dim shadow on the employment market. With unemployment holding steady over 8%, improvement in these claims figures would be a sign of better things for the economy.

    The unadjusted figures for the period show initial claims of 368,418 and continuing claims of 3,107,684. In the prior year period, initial claims were 406,633 and continuing claims were 3,511,416.

    Dow Jones (NYSEARCA:DIA) and S&P 500 (NYSEARCA:SPY) stock futures sank moderately on the economic news.

    Healthcare Law Ruling

    Other big economic news includes the ruling by the Supreme Court over the Constitutionality of Obamacare.

    Earnings News

    Family Dollar Stores Inc. (NYSE:FDO) reported $1.06 per diluted share in earnings this morning. The 12.1% increase missed analyst estimates by one penny.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: FDO, SPY, DIA
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