US GDP growth revised up, eurozone confidence steady

The economic reports yesterday were not too bad.

US first quarter GDP growth was revised up. Bloomberg reports:

The U.S. economy grew more than previously estimated in the first quarter as Americans shunned imports and exports climbed to a record.

The 0.9 percent gain at an annual pace in gross domestic product compares with an advance estimate of 0.6 percent, the Commerce Department said today in Washington. Fourth-quarter growth was 0.6 percent. Separate figures today showed the number of Americans continuing to receive jobless benefits rose to a four-year high this month...

The figures today also included a first look at corporate profits for the quarter. Earnings adjusted for the value of inventories and depreciation of capital expenditures, known as profits from current production, increased 0.3 percent to an annual rate of $1.57 trillion.

Confidence in the euro area held up in May. AFP reports:

The European Commission's eurozone economic sentiment indicator remained unchanged in May from April at 97.1 points, the lowest point since August 2005, but higher than economists' forecast for 96.6 points.

However, confidence in the economy of the broader 27-nation European Union fell in May to 96.7 points from 98.0 points in April, the survey said.