The U.S. economy grew less than expected in the first quarter of 2012. The ‘advance’ estimate released by the Bureau of Economic Analysis showed that real Gross Domestic Product (GDP) rose at an annual pace of 2.2 percent. This follows 3.0 percent growth in the previous quarter, which was the fastest rate since mid-2010. The median forecast of 85 economists surveyed by Bloomberg News was for first quarter growth of 2.5 percent. The price index for GDP purchases, a gauge of prices paid by U.S. consumers, also fell short of projections in the first quarter of 2012, rising 1.5 percent compared to 0.9 percent in the previous quarter and consensus projections of 2.1 percent.
GDP was boosted by stronger-than-expected personal consumption growth, which rose 2.9 percent from 2.1 percent a quarter ago. On the other hand, growth in private investment slowed dramatically, falling to 6.0 percent from 22.1 percent the previous quarter.
EURUSD 1-minute Chart: April 27, 2012
Chart created using Strategy Trader – Prepared by Tzu-Wen Chen
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