U.S. Economic Indicators

The third estimate of Q1 GDP indicates that the U.S. economy contracted at an annualized rate of 5.0% in the first quarter, unchanged from the prior estimate. For the third estimate, an upward revision to nonresidential fixed investment was offset by downward revisions to private inventories, consumer spending, and exports. BEA Report

Initial jobless claims fell 60,000 to 1,480,000 last week. The four-week moving average decreased 160,750 to 1,620,750. DOL Report

New orders of manufactured durable goods rose 15.8% in May after falling 18.1% (revised) in April. Excluding transportation, new orders rose 4.0% last month after declining 8.2% the month before. Census Bureau Report

The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit expanded to $74.3 billion in May from $70.7 billion in April. Meanwhile, wholesale inventories fell 1.2% and retail inventories fell 6.1%. Census Bureau Report