Analysts expected 2.4%, numbers came in at 1.9%. These are not catastrphoic numbers, althought they do leave plenty of doubt as to the recovery of the economy.

Consumer spending was up 1.5% over last quarter, however the underlying fear is that this was due to the economic stimulus plan which will soon dry up.

In other news, the labor department stated that unemployment filings were up by over 44,000 claims. They claim that is due to a change in legislative policy that adds an additional 13 weeks of benefit to unemployed workers. I think this does not bode well for the jobs report comming out tomororow.

New – Market Forecast

I would look for at least  a 3 day drop in the market. Watch for tomorrows jobs report.

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