Friday, April 30, 2010

Quick Notes for the Day - April 30

Q1 GDP Grows 3.2% - The Commerce Department in its initial estimate of Q1 GDP reported that the economy grew at a 3.2% rate. The rise was based on a fastest rising consumer spending in three years - a 3.6% annual rate. Business spending jumped dramatically by 13.4% with investments in equipment and software. The US GDP is a consumer driven economy, so even though business spending was far higher, the consumer is the engine of the economy.

Consumer Sentiment Rises - The Reuters/University of Michigan consumer sentiment index rose to 72.2 in late April versus a 69.5 reading in mid-April. This is compared to a final reading of 73.6 in March.

Chicago PMI Shows Growth - The Chicago purchasing managers' index (PMI) showed a steadily improving region with a reading of 63.8% in April versus 58.8% in March. The current reading is now the highest since 2006.

Battle on to protect shore from massive oil spill - Reuters - "A huge spreading oil spill in the Gulf of Mexico washed up to coastal Louisiana wildlife and seafood areas on Friday and the U.S. government and military struggled to avert what could become one of the nation's worst ecological disasters."

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