(Trends Wide) — The US economy expanded at a much faster rate in the first three months of 2023 than previously estimated, the Commerce Department reported Thursday.
Gross Domestic Product (GDP), the broadest measure of economic output, rose at an annualized rate of 2% in the first quarter, versus the second estimate of 1.3%. The figure was also well above economists’ expectations for a 1.4% rate, according to Refinitiv.
The Department’s final first-quarter GDP estimate reflected an upward revision to exports, consumer spending, government spending and investment by residential construction companies.
A pedestrian carries shopping bags in the SoHo neighborhood of New York, USA, on Wednesday, March 22, 2023. (Credit: Angus Mordant/Bloomberg/Getty Images)
Initial claims for jobless benefits fell last week
For the first time during the week ending June 24, there were 239,000 claims for unemployment benefits, 26,000 fewer than the upwardly revised total for previous weeks, according to Labor Department data released Thursday.
Economists expected an initial 265,000 applications to be filed, according to Refinitiv.
Weekly jobless claims, which are highly volatile and frequently revised, remain below historical averages: In the decade before the pandemic, weekly jobless claims averaged 311,000, data shows from the Work Department.
The four-week moving average for initial claims has been trending higher in recent weeks, landing at 257,500 claims, according to data Thursday. That’s the highest level for the average since November 2021, according to the Labor Department.
