The U.S. economy grew less than expected in the three months through March, according to a second estimate released Thursday.
Gross domestic product increased at a 6.4% annualized rate, unchanged from the advanced estimate, the Commerce Department said. Economists surveyed by Refinitiv were expecting 6.5% print.
Consumer spending and nonresidential fixed investment were revised higher, offsetting downward revisions to exports and private inventory investment. Imports, which are a subtraction from the GDP calculation, were revised higher.
Fourth-quarter GDP was unrevised at 4.3%.
Meanwhile, the number of weekly jobless claims totaled 406,000 for the week ended May 22, a new pandemic low. Economists surveyed by Refinitiv had expected 425,000 new claims, down from 444,000 the prior week. Continuing claims for the week ended May 15 fell to 3.642 million from the previous week's reading of 3.7 million.