CORRECTION: US 1Q GDP contracts 1.0% vs 0.4% est; weekly jobless claims fall

The U.S. gross domestic product contracted by 1.0 percent in the first quarter. Economists had expected first-quarter GDP to show a contraction of 0.4 percent.

In a separate report, weekly claims for state unemployment benefits came in at 300,000, compared with expectations of a drop to 326,000.

Read MoreUS 1Q GDP contracts 1.0% vs 0.4% est; weekly jobless claims fall

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CORRECTION: An earlier alert was corrected to show first-quarter GDP contracted 1.0 percent.