WKYT | Lexington, Kentucky | News

Economic rebound slower last quarter, jobless claims drop to 460,000 last week

WASHINGTON (AP) - The economic rebound last quarter turned out to be slower than first thought, one of the reasons unemployment is likely to stay stubbornly high this year.

The government says the economy grew at a 3 percent annual rate from January to March as consumers and businesses spent slightly less. That was weaker than an initial estimate of 3.2 percent growth. The new reading, based on more complete information, also fell short of economists' forecast for stronger growth of 3.4 percent.

The economy grew at a 5.6 percent in the final quarter of last year.

Meanwhile, the number of newly laid off workers filings claims for unemployment benefits dropped last week but the level still remained higher than expected. Applications for unemployment befits fell by 14,000 to 460,000 last week.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 95016059