GDP growth revised up and jobless claims decline

The US economy's Q1 2024 growth rate was revised up to 1.4%. Durable goods orders increased for the fourth month in May, and jobless claims declined for the second consecutive week, signaling economic resilience.

By Ahmed Azzam | @3zzamous | 27 June 2024

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  • US Q1 2024 GDP growth revised to 1.4%

  • Durable goods orders rose for the fourth month in May

  • Jobless claims fell by 6,000 to 239,000

US GDP growth revised up slightly

The US economy expanded at an annualized rate of 1.4% in Q1 2024, a slight upward revision from the previous estimate of 1.3%. This marks the lowest growth rate since the contractions experienced in the first half of 2022. The upward adjustment was primarily driven by lower import figures and increased nonresidential fixed investment and government spending. However, these gains were partially offset by a downward revision in consumer spending.

US durable goods orders rise for fourth consecutive month

New orders for manufactured durable goods in the United States increased by 0.1% month-over-month in May 2024. This follows a downwardly revised 0.2% rise in April and surpasses market expectations of a 0.1% decline.

US initial jobless claims decline for second week

The number of Americans filing for unemployment benefits dropped by 6,000 to 239,000 in the week ending June 22nd, below the market forecast of 236,000. This marks the second consecutive week of decline since reaching a 10-month high of 243,000.