.S. jobless claims fall in latest week
WASHINGTON (CBS.MW) -- The number of people filing first-time unemployment insurance claims fell in the latest week, the Labor Department said Thursday. First-time claims in the week ended May 22 fell by 3,000 to 344,000, while the average number of initial claims over the past four weeks rose by 1,500 to 335,500, the department said. In the prior week, the four-week average was the lowest since the week ended Nov. 18, 2000. Economists prefer the four-week average over the more volatile weekly number, which is subject to large revisions.
8:30am 05/27/04 U.S. Q1 GDP revised to 4.4% from 4.2%
WASHINGTON (CBS.MW) - The U.S. economy grew at an annual rate of 4.4 percent in the first quarter, slightly faster than the 4.2 percent previously estimated, the Commerce Department said Thursday. After-tax economic profits surged 36.7 percent year-over-year, the best performance in 23 years. The revision to real gross domestic product was in line with expectations. As in the first estimate, the increase in GDP was powered by consumer spending, inventory rebuilding, investments in equipment and software, and defense spending. The closely watched personal consumption expenditure price index rose at a 3 percent annual rate, down from the 3.2 percent previously estimated. The core rate, excluding food and energy, rose at 1.7 percent rate, instead of 2 percent previously.
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