The U.S. economy grew a little faster than first thought in January, February and March.
The Commerce Department said Thursday the world’s largest economy expanded at a 1.4 percent annual rate in the first quarter. This is two-tenths of a percent faster than first thought, a rate that many economists called disappointing. Economists routinely revise these figures as more complete data becomes available.
Analysts said consumer spending, which drives two-thirds of U.S. economic activity, was higher than first estimated. Exports and business spending on equipment also provided a bit of a boost.
A separate Labor Department report said 244,000 Americans signed up for unemployment benefits last week. That is a slight increase from the prior week, but still low enough to indicate healthy job market.
The unemployment rate, which comes from a different study and is reported monthly, stands at a 16-year low of 4.3 percent.