Growth in the economy hasn't slowed as much as initially believed.
In it third look at how the economy was doing in the first quarter, the Commerce Department reports real gross domestic product (GDP) -- the value of the goods and services produced by the nation’s economy -- grew at an annual rate of 1.4%.
The estimate released a month ago showed a rate of 1.2%. By way of comparison, GDP expanded at a 2.1% rate in the final three months of 2016.
The latest estimate, based on more complete source data than were available earlier, shows stronger growth in personal consumption expenditures -- consumer spending -- and exports. Still, the general picture of economic growth is little changed.
Corporate profits during the three-month period plunged $48.4 billion following a $11.2 billion increase in the fourth quarter.
The complete report is available on the Commerce Department website.
From the Labor Department (DOL), word that more people were applying for first-time state unemployment benefits last week.
Initial jobless claims in the week ending June 24, totaled a seasonally adjusted 244,000 -- up 2,000 from the week before, which was revised upward by 1,000.
The 4-week moving average, on the other hand, fell by 2,750 to 242,250. This reading is seen by many economists as a better gauge of the labor market due to its relative lack of volatility.
The full report may be found on the DOL website.
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