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Thursday Morning Business Brief

August 28, 2014, 5:47 AM

Thursday Morning Business Brief

Investors have a host of economic reports to consider as trading resumes later this morning on Wall Street. Despite a somewhat lackluster day, the Standard & Poor's 500 index still managed to register its third record close Wednesday in as many days. But overall trading volume was slack, reflecting the approaching Labor Day weekend.

  • This morning, the government will revise its estimate of just how fast the economy grew in the April-June quarter. It'll be the second of three estimates. In its first estimate last month, the Commerce Department said the U.S. gross domestic product grew at a seasonally adjusted annual rate of 4 percent, which was a striking turnaround from the first quarter, when the economy shrank at an annual rate of 2.1 percent.
  • Despite many signs of a business recovery including improved hiring, Americans are more worried about the economy than they were right after the Great Recession. A survey released by researchers at Rutgers University says that this pessimism exists despite record Wall Street gains and a host of upbeat economic indicators.
  • Germany's Federal Labor Office says the country's jobless rate ticked up slightly to 6.7 percent in August as 30,000 more people joined the ranks of the unemployed. The office said Thursday there were 2.90 million people out of work in August overall, and as a result the unemployment rate inched 0.1 percentage point higher from July.
  • Negotiators hoping to reach a new contract that would keep hundreds of billions of dollars of cargo moving smoothly through West Coast seaports are making significant progress with a tentative deal on health care benefits.The knotty issue had tied up the talks for months. Specific details weren't released.

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