The Bureau of Economic Analysis released numbers to indicate that the US economy has shown signs of growth. In the second quarter of 2008 the GDP increased at an annual rate of 1.9%. The increase reflects gains in international trade, personal consumption expenditures, and government spending.

The Index of Leading Economic Indicators, which measures future economic activity, fell slightly for the third consecutive time from 102 to 101.9. The unemployment rate increased for the fourth consecutive quarter to 5.3%.

In California, the unemployment rate increased for the fifth consecutive quarter, going from 5.9 to 6.6%. Industries including agriculture, construction, manufacturing, and business services cut jobs. More specifically, the farm market cut 7,600 jobs, and non-farm industries cut 122,900 jobs. On the upside, areas such as education services, healthcare and social assistance, and government added jobs.

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