There was a surge in imports because of dealers buying for the “Cash-for-Clunkers” program, and there were “only” 550,000 new jobless claims.
Trade, jobless claims figures show recession fades.
Also “good news” — except that the reason was people have been unemployed so long that their benefits are running out:
The U.S. trade deficit in July hit the highest level in six months as a record rise in imports outpaced a third straight increase in foreign demand for American products…
A rebound in the American labor market has yet to take hold, but first-time claims for jobless benefits did fall more than expected last week.
Companies are laying off fewer workers as the U.S. economy shows consistent signs that the recession is over.
For perspective, in the 2000-2001 recession the number of new jobless never got as high as 500,000 in any single week.
The number of people continuing to receive benefits fell by 159,000 to nearly 6.1 million, the lowest level since early April.