The bureau of economic analysis published today October 26th its first estimate of the growth rate of the U.S. Gross Domestic Product for the third quarter of 2012. According to the recent update U.S output of goods and services growth rate reached an annual growth rate of 2% in Q3 2012, which is higher than many had anticipated.
According to the recent update, the growth rate of the real U.S GDP for the third quarter of 2012 (first estimate) reached an annual rate of 2%. This is figure is a higher than what many analysts had expected. In the first quarter of 2012 the GDP grew by 2%; the real U.S GDP for Q2 2013, by 1.3%; thus the growth rate in the Q2 2012 was much lower than the growth rate of the GDP in the past couple of quarters but was still higher than the growth during the parallel quarter in 2011.
This means the U.S output didn’t expand as much as hoped and slowed down.
As seen below, the chart shows the developments of the real U.S. GDP (in annual rates) growth rate between the years 2009 and 2012. It shows the shift from the recent fall in the growth rate of the GDP growth rate in the previous quarters.
This higher than expected growth rate should have positive effect on the prices of commodities but this news also lowers the chances of the Fed intervening again in the financial markets, which could pull up precious metals.
Currently, the European stock markets are slightly rising along with other major commodities prices: major energy commodities prices including crude oil prices are currently increasing; gold and silver are trading down; the U.S dollar is slightly depreciating against major currencies including Euro, Japanese Yen and Aussie dollar.
Nymex (WTI) crude oil price, short term future (November 2012 delivery) is traded up by 0.16%, at $86.19 per barrel as of 13:39*.
Gold price, short term futures (November 2012 delivery) is traded at $1,708.5 per t oz. a $.45 decrease as of 13:39*.
Euros to USD is currently traded slightly down at 1.2915 as of 13:52*.
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