The bureau of economic analysis published today May 31st its second estimate of the growth rate of the U.S. Gross Domestic Product for the first quarter of 2012. According to the recent update U.S output of goods and services expanded by 1.9% in Q1 2012.
According to the latest report, the growth rate of the real U.S GDP during the first quarter of 2012 (second estimate) was 1.9% in annual growth. This is a revised down growth rate from the first estimate of the US GDP in which the growth rate was 2.2%. During the fourth quarter of 2011 the real U.S GDP rose by 3%; thus the growth rate in the Q1 2012 was much lower than in the fourth quarter but was much higher than the growth during the parallel quarter in 2011.
Since this figure is a downward revision from the previous estimate, this means the U.S output didn’t grow as much as anticipated. Nonetheless, this is still the second best performing quarter out of the last five.
The chart below shows the shifts of the real U.S. GDP (in annual rates) growth rate between the years 2009 and 2012. It shows the steady rise in the GDP growth rate throughout 2011 up until the first quarter of 2012.
Currently, the American stock markets are slightly falling; the recent rise in U.S jobless claims might have also contributed to the fall of major stock markets. Furthermore, major energy commodities prices including crude oil prices are currently rising; gold and silver are trading slightly up; the U.S dollar is slightly depreciated against major currencies including Euro, Japanese Yen and Aussie dollar.
Nymex (WTI) crude oil price, short term future (June 2012 delivery) is traded down by 0.32%, at $87.54 per barrel as of 14:22*.
Gold price, short term futures (June 2012 delivery) is traded at $1,567.0 per t oz. a $1.3 increase as of 14:22*.
Euros to USD is currently traded slightly up at 1.24 a 0.27% increase as of 14:22*.
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