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First Quarter U.S. GDP Growth Pegged At 2.4 Percent

WASHINGTON (UPI) — The U.S. Department of Commerce revised its estimate of the first quarter’s economic growth down to 2.4 percent Thursday.

In the first of three estimates, the department pegged the gross domestic product January through March as up 2.5 percent over the previous three months.

On Thursday, the department, using more complete data, revised growth to 2.4 percent, citing growth in private inventory investment, exports and imports as less than previously indicated.

Imports works against the GDP as they are considered a drain on the U.S. economy.

The department’s second GDP report said, “The general picture of the overall economic activity is not greatly changed” from the advanced estimate released a month ago.

The department also released its first estimate of first quarter corporate reports, which fell $43.8 billion in the first three months of the year after climbing $45.4 billion in the fourth quarter.

Taxes on corporate income also fell, dropping $13.6 billion in the first quarter after falling $4.4 billion in the fourth quarter of 2012.First time jobless claims rise by 10,000Thursday, May 30, 2013 7:50 AMWASHINGTON, May 30 (UPI) —  The U.S. Labor Department said first-time jobless benefits claims rose by 10,000 to 344,000 in the week that ended Saturday.

The department revised last week’s estimate from 340,000 to 344,000, meaning the prior week’s decline was not 23,000, but 19,000.

The four-week rolling average for the week rose by 6,750 to 347,250.

The largest increases in initial benefits claims for the week ending May 18 were in South Carolina (up by 1,263), Tennessee (up by 1,191) and Missouri (up by 785).

The largest decreases were in California (down by 16,334), Georgia (down by 1,802) and Illinois down by 1,198.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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