Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

U.S. Q1 GDP misses estimates despite upward revision

Published 05/27/2016, 08:31 AM
Updated 05/27/2016, 08:31 AM
© Reuters.  U.S. Q1 GDP revised up; misses estimates

Investing.com - Growth of the U.S. economy in the first quarter was revised up on Friday, but not as much as consensus expected, according to official data.

The second estimate of first quarter growth domestic product showed growth of 0.8%, revised up from the initial reading of a 0.5% rise.

Analysts had expected growth to settle at 0.9%.

Personal consumption for the first three months of the year had been expected to be revised from 1.9% up to 2.1%, but was left unchanged.

The GDP price index was revised down to an increase of 0.6%, from the prior reading of a 0.7% advance.

Economists weren’t expecting any change.

Immediately after the report, EUR/USD was trading at 1.1169 from around 1.1168 ahead of the publication; GBP/USD was at 1.4643 from 1.4648 earlier; while USD/JPY was at 109.62 from 109.64 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was unchanged from prior to the publication at 95.31.

Meanwhile, U.S. stock futures pointed to a slightly higher open. The Dow futures gained 17 points, or 0.10%, the S&P 500 futures advanced 2 points, or 0.10%, while the Nasdaq 100 futures traded up 6 points, or 0.14%.

Elsewhere, in the commodities market, gold futures traded at $1,220.00 a troy ounce, compared to $1,220.05 ahead of the data, while crude oil traded at $49.12 a barrel from $49.08 earlier.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.