The U.S. economy grew at a slightly slower pace than originally reported in the first quarter.

According to revisions released by the Commerce Department on Thursday, U.S. GDP rose at a 2.4 percent annual pace in the first three months of the year, which is down slightly from the 2.5 percent pace originally reported last month.

However, analysts argue that the report shouldn't cause too much worry about the overall health of the U.S. economy as the government's second look at first-quarter growth showed consumer spending picked up at a 3.4 percent annual rate, the fastest spending growth in more than two years.

Other data released Thursday showed that the number of Americans filing new claims for unemployment benefits unexpectedly rose last week. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 354,000, the Labor Department said on Thursday.  

Separate data revealed that pending home sales hit their highest level since April 2010. The National Association of Realtors said on Thursday its Pending Home Sales Index, based on contracts signed last month, rose 0.3 percent to 106.0, the highest reading since April 2010.

Retailer Express, Inc. (NYSE: EXPR) reported first-quarter earnings that fell 23 percent after posting weak same-store sales growth and higher expenses, but the company did raise its outlook for the year as the retailer is now expecting $1.48 to $1.58 in per-share earnings, up from its March view of $1.40 to $1.54.

After the bell Thursday, Krispy Kreme Doughnuts (NYSE: KKD) will release its latest quarterly results with analysts polled by Thompson Reuters expecting earnings of $0.17 per share. Analysts have become more optimistic about Krispy Kreme's earnings in recent months after the company jumped to new 52-week highs earlier in the quarter. Krispy Kreme Doughnuts reported revenue of $118.1 million in the last quarter.