The Commerce Department reported today that the U.S. gross domestic product (GDP) has been revised at an annual rate of 1.8 percent in the first quarter of 2011, according to the Bureau of Economic Analysis. This is the same growth rate as estimated a month ago.
Jobless claims rose 10,000 last week to a seasonally adjusted 424,000, the Labor Department reported on Thursday. The prior week's claims were revised upward to 414,000 from 404,000. The four week average of claims fell to 438,500.
The gross domestic product (GDP) is one the primary indicators used to gage the health of a country's economy. It is the most commonly used method to measure the finance that the U.S. generates.