According to DOC, gross domestic product (GDP) dropped 0.6% in April-June quarter at the annual rate, from a 1.6% decline in the first three months of the year.
In a review of the US economic indicators, the government said GDP showed – from the fourth quarter of 2016 to the same period in 2021- the recovery from the Covid-19 pandemic was stronger than initially thought.
It also showed that the GDP-GDI (gross domestic income) gap was much smaller than initially thought in 2021.
Separately, the Department of Labor (DOL) reported that initial claims for jobless assistance in the week ending September 24 fell by 16,000 claims to 193,000.
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