Overview

• Initial unemployment claims decreased by 2,000 to 231,000 for the week ending August 24.
• The second-quarter GDP growth rate was revised up to 3.0%, supported by strong consumer spending.
• Corporate profits rebounded, alleviating recession fears and supporting business investments.
• The Federal Reserve is expected to begin cutting interest rates next month due to the stable economic outlook.
• The unemployment rate remains elevated, partly due to an increase in labor supply from immigration.