Economic Indicators
U.S. 1Q GDP Revised Down Slightly but Initial Jobless Claims Fell Last Week
2022.05.26 16:01
By Geoffrey Smith
Investing.com — The U.S. economy shrunk by slightly more than initially estimated in the first quarter of the year, according to fresh data released on Thursday.
Gross domestic product contracted at an annualized pace of 1.5%, rather than the 1.4% preliminary reading, the Bureau of Economic Analysis said.
The gloomy revision was offset slightly by a small positive surprise on more timely data on jobless claims. The number of people making initial claims for jobless benefits fell to 210,000 from 218,000 the previous week. Analysts had expected 215,000. The number of those making continuing claims rose by just over 30,000 however to 1.346 million.
