The United States Economy grew this first quarter of 2013. The GDP released this morning showed the largest consumer spending increase in two years.
Though expected to be released at 3.1%, the U.S. Gross Domestic Product showed a 2.5% increase which is still very positive for the United States. The 4th quarter of 2012 showed only a .4% increase in growth.
What drove the GDP?
According to the Bureau of Economic Analysis: “The increase in real GDP in the first quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), private inventory investment, exports, residential investment,
and nonresidential fixed investment that were partly offset by negative contributions from federal
government spending and state and local government spending. Imports, which are a subtraction in the
calculation of GDP, increased.” (BEA)
So far, there doesn’t appear to be much volatility in result of the GDP announcement in the market today.
Make sure you check out Nathan’s technical market analysis later today!
Next week the Euro will be in the spot light as they are pressured to lower their interest rate.
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