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US gross domestic product gets upward revision for Q2 to 3% growth

August 30, 2017

US real gross domestic product grew at an annual rate of 3.0% in the second quarter, according to the second estimate of GDP growth released today by the US Commerce Department. The new estimate is up from an “advance” estimate that pegged growth at 2.6%.

In the first quarter, real GDP advanced 1.2%.

The US economic rebound in the second quarter was stronger than initially reported, as a lift to consumer spending and business investment led to the strongest growth in more than two years, MarketWatch reported. A slow first quarter followed by an improved second quarter also occurred in two of the past three years, and economists surveyed by MarketWatch expected a smaller upward revision in second-quarter GDP to a 2.8% rate.

Growth in the staffing industry is strongly correlated with GDP growth, according to research from Staffing Industry Analysts.

Online job ads fall in August; most occupational categories post decreases

US online job ads fell by 125,900 in August to approximately 4.48 million, according to The Conference Board’s report on online job ads released today.

The Conference Board’s measure of online job ads is aimed at tracking demand for labor. However, the organization noted there has been a declining trend in the number of online job ads that may not reflect the broader trend in the US labor market. “Based on changes in how job postings appear online, The Conference Board is reviewing its [help wanted online jobs] methodology to ensure accuracy and alignment with market trends," the organization said.

Using data from the current measure, the majority of occupations showed losses in August with nine of the largest 10 online occupational categories posting decreases. Online labor demand grew in four states and declined in 46 states; all four regions experienced decreases.

Denver area post lowest jobless rate among large metros

The Denver metropolitan area posted the lowest unemployment rate among all large, US metropolitan areas at 2.4% in July, the US Bureau of Labor Statistics announced today.

The highest jobless rate among large metropolitan areas in May was posted by the Cleveland-Elyria area in Ohio, at 6.6%.

The lowest unemployment rates among metropolitan areas of all sizes was in Bismarck, ND, at 1.9%, followed closely Fargo, N.D.-Minn., at 2.0%. El Centro, Calif., had the highest unemployment rate at 24.2%, followed by Yuma, Ariz., at 23.8%.

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