Richmond Federal Reserve President Jeffrey Lacker told the Danville Register & Bee newspaper that he thought the economy was leveling out and there was “reason for hope.”
Government data released today showed the U.S. economy contracted more slowly than expected in the second quarter of the year. Other figures showed the number of U.S. workers filing new claims for jobless benefits dropped last week and those collecting long-term unemployment benefits fell to the lowest level since April.
Other than the economic indicators, it looks to be a slow, August day in Washington. President Barack Obama is still on vacation and has no plans to speak to the media today as he has the past couple of days.
Several days of mourning for Senator Edward Kennedy began on Thursday with a private family mass in Hyannis Port before the senator’s body will be taken to the presidential library of his late brother. The body will remain there until Saturday when his funeral will be held at a Boston church. He will be buried on Saturday evening at Arlington National Cemetery near the graves of his slain brothers John and Robert.