Trade added 0.96 percentage point to GDP growth, revised down from 1.03 point, as the upward revision to imports outstripped higher exports. The inventory contribution was revised to 0.6 point from 0.65 point, as retail and wholesale estimates were lowered and manufacturing was higher, according to the report.
The report showed upward revisions to investment in structures, along with downward revisions to private equipment investment, particularly industrial gear, as well as software. The higher consumer spending reflected data on motor vehicle registrations, the Commerce Department said.
A separate report from the Labor Department Thursday showed filings for unemployment benefits stayed relatively low, as the job market remains a bright spot. Jobless claims rose 3,000 to 215,000 in the week ended May 25, close to the median estimate of economists for 214,000.
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Gross domestic income, adjusted for inflation, rose 1.4% in the first quarter, following a 0.5% reading that was revised from 1.7%. Fourth-quarter wages and salaries were revised lower by $54.7 billion based on new Labor Department data. Government spending in the first quarter was revised to a 2.5% annualized gain from 2.4%. The GDP report is the second of three estimates for the first quarter; the third is due June 27.
This article was provided by Bloomberg News.