The United States gross domestic product (GDP) increased by 2% in the first quarter, according to the third estimate by the Bureau of Economic Analysis on Thursday. The previous estimate put the annual Q1 growth at 1.3%. “The updated estimates primarily reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to nonresidential fixed investment and federal government spending,” the report stated. The personal consumption expenditures (PCE) price index increased 4.1%, revised down 0.1 percentage point. The PCE price index excluding food and energy prices increased 4.9%, also down 0.1 percentage point from the previous estimate. The price index for gross domestic purchases increased 3.8%, unchanged from the previous report.
US initial jobless claims down by 26,000 to 239,000
The number of initial jobless claims in the United States for the week ending June 24 went down by 26,000 compared to the previous week’s revised rate to land at 239,000, US Labor Department reported on Thursday. The figure was well below analysts’ expectations. The 4-week moving average increased by 1,500 from the previous week’s revised average to stand at 257,500, the highest since November 2021. Meanwhile, the advance seasonally adjusted insured unemployment rate stood at 1.2% for the week ending June 17, unchanged from the previous week’s unrevised rate. Insured unemployment during the same week fell by 19,000 to 1,742,000. The four-week moving average was 1,757,500, decreasing by 13,000 compared to the week prior. The number of initial jobless claims in the United States for the week ending June 24 went down by 26,000 compared to the previous week’s revised rate to land at 239,000, US Labor Department reported on Thursday. The figure was well below analysts’ expectations. The 4-week moving average increased by 1,500 from the previous week’s revised average to stand at 257,500, the highest since November 2021. Meanwhile, the advance seasonally adjusted insured unemployment rate stood at 1.2% for the week ending June 17, unchanged from the previous week’s unrevised rate. Insured unemployment during the same week fell by 19,000 to 1,742,000. The four-week moving average was 1,757,500, decreasing by 13,000 compared to the week prior. NN: Hot economy, hot job growth and how inflation….. And a hot stock market…. The FED is not happy. And a unhappy FED continues to raise rates until the numbers go south and make them happy..