The bureau of economic analysis published today July 26th its first estimate of the growth rate of the U.S. Gross Domestic Product for the second quarter of 2012. According to the recent update U.S output of goods and services expanded by only 1.5% in Q2 2012.
According to the recent update, the growth rate of the real U.S GDP during the second quarter of 2012 (second estimate) was 1.5% in annual growth. This is figure is a bit better than what some had anticipated. This is the first estimate that could be revised in the next couple of reports. The first quarter of 2012 expanded by 2% (according to another revision made); the real U.S GDP for Q4 2011, by 3%; thus the growth rate in the Q2 2012 was lower than in the last couple of quarters but was still higher than the growth during the parallel quarter in 2011.
This means the U.S output didn’t grow as much as anticipated and slowed down.
The chart below shows the shifts of the real U.S. GDP (in annual rates) growth rate between 2009 and 2012. It shows the steady rise in the GDP growth rate during last year but since then the growth rate deteriorated in the past couple of quarters.
Currently, the American stock markets are slightly rising along with other major commodities prices; the recent remarks of ECB President Draghi may have contributed to the rise in the financial markets: major energy commodities prices including crude oil prices are currently rising; gold and silver are also trading slightly up; the U.S dollar is depreciating against major currencies including Euro, Japanese Yen and Aussie dollar.
Nymex (WTI) crude oil price, short term future (August 2012 delivery) is traded down by 0.32%, at $89.63 per barrel as of 14:02*.
Gold price, short term futures (August 2012 delivery) is traded at $1,623.8 per t oz. a $4 increase as of 13:55*.
Euros to USD is currently traded slightly up at 1.2281 as of 13:55*.
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