The U.S. economy expands at a 3.5% annual pace in the third quarter, as massive government stimulus drags the economy out of the longest and deepest recession since the 1930s, the Commerce Department estimates.
The number of people filing for state unemployment benefits for the first time falls 1,000 in the latest week, to a seasonally adjusted 530,000, Labor Department data show. The drop comes in less than economists had been looking for.
Stock futures add to their gains after data shows that the U.S. economy expanded at a 3.5% annual pace in the third quarter, with earnings from the likes of Exxon Mobil and Procter &Gamble also in focus.
Kellogg Co., maker of Special K cereals and Pop-Tarts, reports Thursday that its third-quarter net income rose about 6% from a year ago, topping Wall Street’s forecasts.
Exxon Mobil Corp. says Thursday third-quarter earnings fell 68% on lower commodity prices, but the oil giant boosted production and stuck to its capital spending plans to ramp up energy infrastructure to meet future demand.
Williams Cos. says Thursday third-quarter net income fell 61% as the natural gas producer and transmission company absorbed the impacts of cheaper energy prices.
Kodak says Thursday it swung to a third-quarter loss as the global recession and tight credit markets hampered sales in its commercial printing business.
American Electric Power, PPL and Xcel Energy all post quarterly financial results that refect the impact of, among other factors, a comparatively cool summer.
