In the first quarter, the U.S. economy expanded at the same 1.8% clip that was initially forecast, the Commerce Department said in its second estimate of quarterly gross domestic product released Thursday.The second estimate comes in well below expectations.
In a separate report, the Labor Department said weekly jobless claims rose 10,000 to 424,000 in the latest week.
In a separate report, the Labor Department said weekly jobless claims rose 10,000 to 424,000 in the latest week.
The big surprise in Thursday’s report was a downward revision to consumer spending. Real consumer spending was estimated to have increased at a 2.2% annualized clip, compared with the initial estimate of a 2.7% rate.
The weaker spending was offset by upward revisions to business investment and inventories.
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