Posted by: youngragingbull | May 30, 2013

Q1 U.S. growth revised down to 2.4%

The U.S. economy grew at a 2.4% annual pace in the first quarter, down from the originally reported 2.5% increase, the Commerce Department said Thursday.

Consumer spending was revised up to 3.4% from 3.2% – the fastest rate in two years.

Meanwhile business investment in commercial real estate fell sharply and companies did not increase inventories as much as previously believed. Inventories rose $38.3 billion instead of the previous estimate of $50.3 billion.

Also, government spending fell by a revised 4.9% instead of 4.1%.

Overall, economists had expected GDP growth to remain unchanged at 2.5%.

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  1. […] futures at their highest level in over two weeks as a further, disappointing U.S. economic data and strong physical demand from Asia combined to lift prices back above $1,400 an […]


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