US annualised GDP estimates for the first quarter of 2013 have been released, and GDP is below estimates of 2.5 per cent growth. Following revisions down to 2.4 per cent in the first quarter, that's still an increase from 0.4 per cent in the last quarter of 2012.
To compare with the UK, that's a US figure of about 0.62 per cent growth versus the UK's 0.3 per cent.
Initial jobless claims for this week came in at 354,000, above economist expectations of 340,000. Continuing jobless claims are now up to 2.896m.
Following Fed chairman Ben Bernanke's comments on potential QE tapering if US data improved, this news may signal that QE will remain for some time yet.
Personal consumption up 3.4% annualized real disposable incomes down 8.4%. Savings rate collapsed. There is a limit to this sort of thing.— Matthew C. Klein (@Matthew_C_Klein) May 30, 2013
US data turns the dial back to taper off. For now anyway— Mike van Dulken (@Accendo_Mike) May 30, 2013