Economics Group: Weekly Economic & Financial Commentary
Growth Returns to a Solid Footing
- The economy expanded at a 4 percent pace in the second quarter of the year, with broad-based growth across every major sector with the exception of net exports. Revisions to prior quarters also showed that the economy was a bit stronger in the second half of last year and contracted less in the first quarter.
- Employment rose 209,000 for July, marking a strong start to the third quarter for the labor market. The unemployment rate rose to 6.2 percent.
- The ISM manufacturing index rose to 57.1 from June’s 55.3 reading.
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