US GDP grew less than expected

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Friday, Jan 30 2015

US GDP increased at an annual rate of 2.6% in the fourth quarter of 2014. Analysts were predicting bigger increase by 3.0%. The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment that were partly offset by a negative contribution from federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP growth in the fourth quarter primarily reflected an upturn in imports, a downturn in federal government spending, and decelerations in nonresidential fixed investment and in exports that were partly offset by an upturn in private inventory investment and an acceleration in PCE.

After it initially fell, USD managed to rebound quickly, with euro currently being traded around 1.1320 level, Sterling is at 1.5060 area, while Aussie is few points above 0.7760 level. Later today, Chicago PMI and Revised Consumer Sentiment data are scheduled for a release.

More in this category: « Australian GDP increased by 0.5% in Q4 Chicago PMI at 57.7 points in January »

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