Stock futures are up in response to the latest batch of economic data.
The final estimate on second quarter GDP showed an annualized growth rate of 1.7%, up from the previous estimate of 1.6%. Consumer spending increased 2.2% in the second quarter, an improvement from the 1.9% increase in the first quarter.
Initial jobless claims for the week came in at 453,000. While still elevated, the latest number is 16,000 lower than the previous week and was less than expected. Continuing claims fell 83,000 from the previous week, to 4.46 million. The dip in initial claims points to improvement for the monthly employment data.
In corporate news, AIG said it reached a deal to repay billions of dollars it received from the government during the credit crisis. AIG was the largest recipient of bailout money during the crisis.
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