US growth revision sees positive end to 2012

As expected GDP revisions saw growth in the final quarter of 2012. Updated from -0.1 per cent to 0.1 per cent growth, this represented a smaller improvement than anticipated as a move to 0.5 per cent growth was expected. The change remains significant as while small, this still avoids the risk of the US entering a technical recession (two consecutive quarters of negative growth).

US jobless claims for the month to Feb 23 were also released and saw a greater fall than expected to 344,000 with economists predicting 360,000.