I will be taking two days off, so this will be the last Power Breakfast until Monday morning.
Today, the economy will take center stage, as the government gives a new estimate of the nation’s gross domestic product for the second quarter. Economists expect the report will show that GDP shrank 1.5 percent — worse than the previous estimate of a 1 percent drop, Associated Press reports.
Still, that is a big improvement over the 6.4 percent decline the economy experienced in the first quarter, the worst in nearly three decades, AP said.
Investors also will be looking at the number of first-time unemployment benefit claims, which comes out today. It is expected to fall to 565,000 from 576,000. That would reverse two weeks of increases.
Meanwhile, Georgia State University economist Rajeev Dhawan said Wednesday that the national economy will probably grow in this quarter — but at less than 1 percent, AJC reporter Michael Kanell writes.
In Georgia, Dhawan said, the unemployment rate will likely rise to 11 percent next year, Dhawan predicted.
These numbers sadly demonstrate what economists have been talking about — a jobless recovery for quite some time.
Also in the AJC:
In other media: