US GDP Growth Revised to 3.1% in Q3, Claims Stable

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The third release of GDP for Q3 surprised to the upside: the annualized growth was revised to 3.1%, from 2.7%, exceeding expectations of 2.8%.

Jobless claims rose to 361K, but this number is still positive. The upbeat numbers support the Santa rally.

While the components of this growth are somewhat worrisome and Q4 doesn’t look so good, a growth level of over 3% seems positive. It’s important to note that the “final” GDP is not necessarily final – the numbers could be revised even years later.

Weekly jobless claims rose from 344K to 361K, within expectations of a rise to 358K. The figures have been better than the period the Sandy Superstorm.

The market still depends on the fiscal cliff more than on anything else. The recent blame game took out some of the wind of the Santa Rally, but these positive figures could certainly lift the mood before Christmas.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.