Q1 GDP Revised Up, Jobless Claims Soar
The pace of contraction from January to March was slightly slower than expected, but the most recent data on the labor market was worse than forecasts, according to two releases at 8:30 this morning.
The final report on first-quarter GDP improved to -5.5%, up from -5.7% in the last estimate. Forecasters had assumed the GDP numbers would be unrevised.
Two culprits were responsible for the change: businesses reduced fewer inventories than originally though, while imports â€
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