U.S. Economy Grew More Than Expected In Q4 of 2024

The U.S. economy grew by slightly more than previously estimated in the fourth quarter of 2024, according to revised data released by the Commerce Department on Thursday.

The report said gross domestic product surged by 2.4 percent in the fourth quarter compared to the previously reported 2.3 percent jump. Economists had expected the pace of GDP growth to be unrevised.

The Commerce Department said the upward revision primarily reflected a downward revision to imports, which are a subtraction in the calculation of GDP. A downward revision to consumer spending limited the upside.

The Labor Department also released a report on Thursday showing first-time claims for U.S. unemployment benefits edged slightly lower in the week ended March 22nd.

The report said initial jobless claims slipped to 224,000, a decrease of 1,000 from the previous week’s revised level of 225,000.

Economists had expected jobless claims to inch up to 225,000 from the 223,000 originally reported for the previous week.

The Labor Department said the less volatile four-week moving average also dipped to 224,000, a decrease of 4,750 from the previous week’s revised average of 228,750.

At 10 am ET, the National Association of Realtors is due to release its report on pending home sales in the month of February. Pending home sales are expected to jump by 1.5 percent in February after plunging by 4.6 percent in January.

The Treasury Department is scheduled to announce the results of this month’s auction of $44 billion worth of seven-year notes at 1 pm ET.

At 4:30 pm ET, Richmond Federal Reserve President Thomas Barkin is due to deliver the H. Parker Willis Lecture in Political Economy at Washington and Lee University.

Boston Federal Reserve President Susan Collins is also scheduled to speak on the economy and monetary policy in a fireside chat sponsored by the Insurance Women’s Investment Network, 100 Women in Finance, and Wellington Management at 4:30 pm ET.