Quick Overview

• The U.S. economy grew at a revised 5.3% annual rate in the first quarter, a half-percentage point higher than previously reported, the Commerce Department said Thursday.
  

• The Commerce Department said the core rate of personal consumption spending, was up 2.0% in the first quarter from a year ago, down from a 2.4% gain in the fourth quarter.
  
  

• Existing home sales dropped 2% in April, the National Association of Realtors said.
  

• The U.S. Labor Department said that jobless claims were down 40,000 last week to 329,000.
  

• Truck makers sold 24,297 heavy-duty trucks in April, a 19.2% increase over April 2005, marking the 30th-straight month of YoY expansion.
  
  
  

• The USDA said that 2006-2007 world sugar ending stocks are expected to fall, from 30.97 to 30.92 million tons, 21% of annual use, matching the lowest stocks to use ratio in nine years. Brazil is expected produce 30.34 million tons, up from 27.1 million tons last year.
  

• The U.S. Department of Energy said that underground supplies of natural gas were up 83 billion cubic feet last week to 2.163 trillion cubic feet, up 29% YoY.

• GDP in the U.K. was up 0.6% in the first quarter and up 2.2% YoY.