Summary
- The U.S. first-quarter GDP preliminary estimate reportedly fell by 0.2% compared to the previous quarter.
- It was stated that this figure is better than the market expectation of a 0.3% drop.
- The number of new unemployment claims in the United States increased to 240,000, raising concerns about a cooling labor market.
The United States' preliminary gross domestic product (GDP) estimate for the first quarter of this year fell by 0.2% compared to the previous quarter. This figure exceeds the market forecast (a 0.3% decline).
According to data released by the U.S. Bureau of Economic Analysis on the 29th (local time), the U.S. GDP preliminary estimate declined by 0.2% quarter-on-quarter. The announced growth rate is a preliminary figure. The U.S. Department of Commerce releases its GDP figures in three stages: advance, preliminary, and final.
At the same time, the number of new unemployment claims in the United States for last week was 240,000, higher than the forecast (229,000).
The number of new unemployment claims is one of the indicators that can gauge overheating in the U.S. labor market. An increase in unemployment claims means that the number of unemployed people is rising, suggesting a cooling in the job market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
