TIME Economy

The Economic Outlook Just Got a Little Better

Labor Secretary Thomas Perez and Shake Shack CEO Randy Garutti laugh with an employee helping Perez make a milkshake as he toured a Shake Shack restaurant in Washington on March 21, 2014 to promote raising the federal minimum wage.
Nicholas Kamm—AFP/Getty Images Labor Secretary Thomas Perez and Shake Shack CEO Randy Garutti laugh with an employee helping Perez make a milkshake as he toured a Shake Shack restaurant in Washington on March 21, 2014 to promote raising the federal minimum wage.

Higher than expected consumer spending meant the economy grew more than previously thought in the last three months of 2013

The economy is looking a bit sunnier, and just in time for spring.

Dual economic indicators released Thursday offered some good news for the U.S. economy coming out of this year’s harsh winter. The Commerce Department said the economy grew by 2.6 percent in the fourth quarter of 2013, more than previously thought, as consumer spending beat previous estimates. In all of 2013, the economy grew 1.9 percent.

Also on Thursday, the Department of Labor said applications for unemployment benefits—a key indicator of the U.S. job environment—fell last week to a near-four-month low. Jobless claims fell 10,000 to 311,000 in the week ending March 22, while economists surveyed by Bloomberg expected a slight uptick.

 

 

 

Tap to read full story

Your browser is out of date. Please update your browser at http://update.microsoft.com


YOU BROKE TIME.COM!

Dear TIME Reader,

As a regular visitor to TIME.com, we are sure you enjoy all the great journalism created by our editors and reporters. Great journalism has great value, and it costs money to make it. One of the main ways we cover our costs is through advertising.

The use of software that blocks ads limits our ability to provide you with the journalism you enjoy. Consider turning your Ad Blocker off so that we can continue to provide the world class journalism you have become accustomed to.

The TIME Team