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Thursday, December 20, 2012

Third quarter economic growth faster than previously reported, jobless claims up

The economy grew faster than previously known, at 3.1 percent in the third quarter. The initial reading came in at 2 percent. That initial report received more attention because it was released during the heart of the presidential election cycle.

It is solid news that suggests if we don't get tripped up on the fiscal cliff - a big if - then there is reason to believe the economy in 2013 will continue expanding. The fourth quarter numbers are going to be harder to read because of the aftermath of Superstorm Sandy.

Also this morning, initial weekly jobless claims jumped back up to 361,000, putting back in the range where we've seen solid, though not spectacular jobs growth. Economists had been saying that the number will probably not be fully reliable as a gauge about growth in the jobs market until mid-January, so that's still something to keep in mind when considering them as well.

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