May 27: GDP Rises 3% - Economic Highlights

by Zacks, Benzinga Contributor
May 27, 2010 9:30 AM | 2 min read |

GDP Preliminary Q1 Estimates show GDP increased by 3.0%, less than the expected 3.5% increase, following a 3.2% estimated increase in the advance Q1 estimate (today’s preliminary release is based on a more complete set of data), after increasing by 5.6% in the fourth quarter and by 2.2% in the third quarter of 2009. The increase in real GDP in the first quarter primarily reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), nonresidential fixed investment, and exports. These increases were partially offset by negative contributions from state and local government spending and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the first quarter primarily reflected decelerations in private inventory investment and in exports, a downturn in residential fixed investment, a significantly larger decrease in state and local government spending, and a deceleration in nonresidential fixed investment that were partly offset by an acceleration in PCE and a deceleration in imports.
 
Initial Claims decreased to 460,000, for the week ending 05/22, as against the expected decrease to 457,000, after increasing to 474,000, the revised figure for the previous week. The 4-week moving average increased to 456,500, from the previous week’s revised average of 454,250. Seasonally adjusted insured unemployment from the prior week, ending on 05/15, was 4,607,000, a decrease of 49,000 from the preceding week's revised level of 4,656,000. Seasonally adjusted insured unemployment rate from the week ending on 05/15, was 3.6%, unchanged from the previous week’s unrevised figure of 3.6%.
 
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