US GDP fell by 0.7% in Q1

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Friday, May 29 2015

US GDP decreased at an annual rate of 0.7% in the first quarter of 2015, according to the "second" estimate. In the fourth quarter, real GDP increased 2.2%. The downturn in the percent change in real GDP primarily reflected a deceleration in PCE and downturns in exports, in nonresidential fixed investment, and in state and local government spending that were partly offset by a deceleration in imports and upturns in federal government spending and in private inventory investment.

The price index for gross domestic purchases, which measures prices paid by U.S. residents, decreased 1.6% in the first quarter, a downward revision of 0.1 percentage point from the advance estimate; this index decreased 0.1% in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 0.2%, compared with an increase of 0.7%.

After the data USD fell against its major rivals. Euro is currently being traded above 1.0980 level, Sterling is around 1.5280 area, while Aussie is slightly below 0.7650 handle. Later today, Chicago PMI and Revised Consumer Sentiment figures are being released.

More in this category: « M3 Money Supply increased to 5.3% US Consumer Confidence declined by most since 2012 »

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