GDPThe Bureau of Economic Analysis released its preliminary estimate of second quarter GDP growth. The BEA estimates that the economy grew at annualized rate of 3.3 percent in the second quarter. This estimate is a bit higher than the advance figure of 1.9 percent, which the BEA released a month ago. The final second quarter GDP number will be released on Sept. 26. In the first quarter of this year, real GDP grew at a 0.9 percent rate. The acceleration in real GDP growth in the second quarter primarily reflected a larger decrease in imports, an acceleration in exports, an acceleration in PCE, a smaller decrease in residential fixed investment, and an upturn in state and local government spending that were partly offset by a larger decrease in inventory investment. Unemployment Insurance ClaimsAlso released today were unemployment insurance claims. The Labor Department estimates that in the week ending Aug. 23, 425,000 new unemployment insurance claims were made. The figure is 10,000 fewer than the previous week and reduces the four-week moving average of initial claims from 446,250 to 440, 250. The number of continuing claims rose by 64,000 to 3,423,000.