It seems the US economy shrank slightly less than previously thought in the early part of this year.
New government figures showed widespread weakness in activity and soft demand with gross domestic product down 5.5 percent in the first quarter compared with the same period last year. Separately, the Labour Department said the number of workers filing new claims for jobless benefits unexpectedly rose last week by 15,000 to a seasonally adjusted 627,000 thousand – showing the labour market is being slow to stabilise. The new GDP figures showed that spending on homebuilding fell by almost 39 percent for its biggest quarterly tumble since early 1980. Weak job markets and falling home prices are expected to dampen spending in the US for some time.