- New GDP growth estimate for the first quarter revises figures downwards.
- Activity contracted 1.5% (annualized) instead of the 1.4% previously reported.
- The dollar loses ground after the data, but then recovers.
The economy of USA it contracted in the first quarter at a 1.5% pace, instead of the 1.3% market consensus and worse than the 1.4% retracement reported in the first estimate. In 2021, growth was 6.9%.
The GDP price index in the first quarter was 8.1%, revised from 8.0%. Personal consumption rose 3.1% in that period (previous estimate: 2.7%).
At the same time, the report on weekly requests for unemployment benefits was published. Pending home sales figures and the Kansas Fed’s manufacturing activity report will be released later. The dollar lost ground initially after the figures but then returned to previous level.
Source: Fx Street
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