A “second” estimate of US gross domestic product released today found that GDP increased at an annual rate of 6.4% in the first quarter of this year. The growth rate is unchanged from a first estimate released last month. Meanwhile, US jobless claims fell again last week to another post-pandemic low.

MarketWatch reported that economists had forecast GDP growth of 6.6% in the first quarter, just above the 6.4% estimate; and they are estimating annualized growth of 8.2% in the second quarter.

In the fourth quarter, GDP had risen at an annual rate of 4.3%.

Separately, the US Department of Labor reported that initial jobless claims for the week ended May 22 fell again to a post-pandemic low. Initial unemployment claims fell by 38,000 to a total of 406,000. In comparison, initial claims for the pre-pandemic week ended March 14, 2020 were 25,500.

The four-week moving average of claims for the week ended May 22 also fell to its lowest level since the week ended March 14, 2020. The four-week average of claims declined by 46,000 the week ended May 22 to a total of 504,750. The four-week average for the week ended March 14, 2020, was 225,500.

Pandemic Unemployment Assistance claims, which are not seasonally adjusted, fell by 1,596 to a total of 93,546. Pandemic Unemployment Assistance program claims include self-employed workers, among others.