In a downward revision, the US Bureau of Economic Analysis (BEA) reported that the country's real Gross Domestic Product (GDP) expanded at an annual rate of 1.3% in the first quarter. This figure marks a decrease from the initial estimate of 1.6% growth and aligns with market expectations.
The revision was attributed to downward adjustments in consumer spending, private inventory investment, and federal government spending. However, these were partially offset by upward revisions in state and local government spending, nonresidential fixed investment, residential fixed investment, and exports. Imports were also revised upward.
Following the announcement, the US Dollar Index experienced a decline, remaining below the 105.00 mark. At the time of reporting, the index was down 0.3% on the day, trading at 104.80. Market analysts are closely monitoring the implications of this revision on the broader economic outlook and potential monetary policy responses.
Stay tuned for further updates on this developing story.
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