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US GDP grew less than expected

Thursday, Apr 28 2016
GDP increased at an annual rate of 0.5% in the first quarter of 2016, according to the "advance" estimate released by the Bureau of Economic Analysis. Analysts were expecting 0.7% increase. The increase in real GDP in the first quarter reflected positive contributions from personal consumption expenditures (PCE), residential fixed investment, and state and local government spending that were partly offset by negative contributions from nonresidential fixed investment, private inventory investment, exports, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
In the week ending April 23, the advance figure for seasonally adjusted initial claims was 257,000, an increase of 9,000 from the previous week's revised level, in line with market forecasts. The previous week's level was revised up by 1,000 from 247,000 to 248,000. The 4-week moving average was 256,000, a decrease of 4,750 from the previous week's revised average. This is the lowest level for this average since December 8, 1973 when it was 252,250. The previous week's average was revised up by 250 from 260,500 to 260,750.
 
Euro is currently being traded few points above 1.1320 level, Sterling is around 1.4570 handle, while Aussie is at 0.7620 area.
More in this category: « Number of unemployed in Germany decreased by 16,000 Australian PPI fell 0.2% in Q1 »

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