INSTANT VIEW: Q2 GDP and weekly jobless claims

NEW YORK (Reuters) - The U.S. economy expanded at a stronger-than-first-reported 3.3 percent annual rate in the second quarter, as consumer spending and net exports were more robust than initially estimated and inventories fell less sharply, a government report showed on Thursday.

JOBLESS CLAIMS: The number of U.S. workers filing new claims for jobless benefits fell by 10,000 last week, government data on Thursday showed, but remained at elevated levels indicating a weak labor market.

KEY POINTS:

GDP: * Gross Domestic Product or GDP for the April-June period was first reported as growing at a 1.9 percent rate. Analysts polled by Reuters were expecting the annual rate to be revised to 2.7 percent.

* GDP grew at a sluggish 0.9 percent rate in the first quarter after a 0.2 percent contraction in the final three months of 2007. The fourth quarter of last year was the weakest since July-September 2001, when the economy was in recession.

* Consumer spending, which fuels two-thirds of the U.S. economy, grew at an upwardly revised 1.7 percent rate rather than the 1.5 percent pace first reported.

* Exports grew at a 13.2 percent annual rate instead of the 9.2 percent pace initially estimated.

JOBLESS CLAIMS:

* Initial claims for state unemployment insurance benefits declined to a seasonally adjusted 425,000 in the week ended Aug 23 from a revised 435,000 the prior week, the Labor Department said. It was the lowest reading since the week of July 19.

* Analysts polled by Reuters had forecast 428,000 new claims versus a previously reported count of 432,000 the prior week. A Labor Department official said there were no special factors influencing the latest data.

COMMENTS:

MICHAEL ENGLUND, CHIEF ECONOMIST, ACTION ECONOMICS, BOULDER, COLORADO:

"Basically nothing but upside surprises outside of the one that had been expected, the big driver being trade."