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BLBG: U.S. Stock Futures Little Changed After GDP, Jobless Data
 
U.S. stock-index futures remained little changed after government data showed gross domestic product grew less than economists forecast at the end of 2012 while jobless claims decreased more than estimated last week.
Standard & Poor’s 500 Index (SPX) futures expiring in March slipped less than 0.1 percent to 1,515.8 at 8:32 a.m. in New York. Contracts on the Dow Jones Industrial Average decreased 3 points, or less than 0.1 percent, to 14,057.
Gross domestic product grew at a 0.1 percent annual rate, up from a previously estimated 0.1 percent drop, revised figures from the Commerce Department showed today. The median forecast of 83 economists surveyed by Bloomberg called for a 0.5 percent gain. Federal military outlays declined at a 22 percent annual pace, the biggest decrease since 1972.
Jobless claims decreased by 22,000 to 344,000 in the week ended Feb. 23, the Labor Department reported today in Washington. The median forecast of 44 economists surveyed by Bloomberg called for 360,000 applications. The number of people collecting unemployment insurance dropped to the lowest level since June 2008.
U.S. stocks advanced for a second day yesterday, pushing the Dow average to the highest level since October 2007, as better-than-estimated housing data bolstered confidence in the world’s largest economy.
The S&P 500 has climbed 1.2 percent this month, extending its gain this year to 6.3 percent, as lawmakers agreed on a compromise on taxes and companies reported results that topped estimates. Per-share earnings have exceeded analyst estimates at 74 percent of the 476 companies in the S&P 500 that reported results so far in the reporting season, according to data compiled by Bloomberg. Sales beat estimates at 64 percent of the companies.
To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net
To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net
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