02:59 PM EDT, 03/28/2024 (MT Newswires) -- Economic growth was revised up to a 3.4% rate of growth from 3.2% in the previous estimate, with personal consumption now up 3.3%, an upward revision from a 3% gain in the previous estimate.

There were also upward revisions to nonresidential fixed investment and government spending that were partially offset by downward adjustments to inventory investment, net exports and residential fixed investment.

The GDP price index was unrevised from a 1.6% gain in the previous reading. Growth in overall PCE prices was also unrevised at 1.8% rate while core PCE price growth was revised lower to a 2% gain from 2.1% in the previous estimate.

The advance estimate of GDP for Q1 is scheduled to be released on April 25.

The University of Michigan consumer sentiment index for March was revised higher to 79.4 from the preliminary estimate of 76.5 and was well above February's reading of 76.9.

Michigan said that inflation expectations declined in March from February.

The National Association of Realtors' pending home sales index rose by 1.6% in February, above expectations. NAR attributed the gain to job gains and more inventory of homes available for sale. Pending sales were down 7% from a year earlier.

The NAR's existing-home sales data for March are scheduled for release on April 18.

The Kansas City Federal Reserve's manufacturing index fell to minus 7 in March from minus 4 in February. Other manufacturing data already released have been mixed.

Initial jobless claims decreased by 2,000 to 210,000 in week ended March 23, lowering the four-week moving average by 750 to 211,000 after increases in the previous two weeks.

Insured claims rose by 24,000 to 1,819,000 in employment survey week ended March 16. Insured claims were at a level of 1,805,000 in the survey week ended Feb. 17.

Natural gas stocks fell by 36 billion cubic feet to 2.296 trillion cubic feet in the week ended March 22, up 23% from a year earlier and 41.1% higher than the seasonal average for the current week over the previous five years.