1Q GDP Report Shows Accelerating Economy

Real gross domestic product increased at an annual rate of 6.4 percent in the first quarter—the fastest such pace in more than 36 years—according to the first (advance) estimate released yesterday by the Bureau of Economic Analysis.

Fed Statement Cites Ongoing Risks to Growing Economy

The Federal Open Market Committee yesterday, to no one’s surprise, left the federal funds rate unchanged at 0-0.25%. But analysts, including Mortgage Bankers Association Chief Economist Mike Fratantoni, were more interested in what the FOMC had to say about economic conditions and rising inflation.

Consumer Confidence at 14-Month High

The Conference Board, New York, said its Consumer Confidence Index rose sharply again in April, following a substantial gain in March, to its highest level since February 2020.

Unemployment Claims Up 2nd Straight Week

Initial claims for unemployment insurance rose for the second straight week, the Labor Department reported yesterday, but their impact appears to have diminished amid stronger jobs reports and a growing U.S. economy.

March Jobs Report: Full Steam Ahead

Another sign that the U.S. economy is heating up: the Bureau of Labor Statistics on Friday reported total nonfarm payroll employment rose by 916,000 in March, while the unemployment rate fell to 6 percent.

Initial Claims Rise; Trend Stays Positive

Initial claims for unemployment insurance rose by more than 60,000 last week—a setback after the previous week’s sharp drop. But the Labor Department said the positive downward trend is likely to continue.

Consumer Confidence Hits Highest Level Since Pandemic

The Conference Board, New York, said its Consumer Confidence Index jumped by nearly 20 points in March to its highest reading in a year, after a modest increase in February.

Initial Claims Under 700,000 First Time in Year

Initial claims for unemployment insurance fell by nearly 100,000 last week, dropping below 700,000 for the first time since the coronavirus pandemic staggered the U.S. economy last March, the Labor Department reported yesterday.