Investing.com - The U.S. economy grew more-than-expected in the second quarter of 2012, easing concerns over the country’s economic outlook, official data showed on Wednesday.
In a report, the Bureau of Economic Analysis said gross domestic product grew at a seasonally adjusted annual rate of 1.7% in the three months to June, beating expectations for growth of 1%.
The U.S. economy grew by 1.1% in the preceding quarter, whose figure was downwardly revised from a previously reported increase of 1.8%.
The data showed personal consumption grew 1.8% in the second quarter, above expectations for 1.6%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 0.7% in the second quarter, below expectations for 1.1% and down from 1.7% in the preceding quarter.
Following the release of the data, the U.S. dollar spiked higher against the euro, with EUR/USD falling 0.34% to trade at 1.3217.
Meanwhile, U.S. stock index futures turned lower. The Dow Jones Industrial Average futures indicated a loss of 0.2% at the open, S&P 500 futures eased down 0.2%, while Nasdaq 100 futures indicated a loss of 0.1% at the open.
In a report, the Bureau of Economic Analysis said gross domestic product grew at a seasonally adjusted annual rate of 1.7% in the three months to June, beating expectations for growth of 1%.
The U.S. economy grew by 1.1% in the preceding quarter, whose figure was downwardly revised from a previously reported increase of 1.8%.
The data showed personal consumption grew 1.8% in the second quarter, above expectations for 1.6%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 0.7% in the second quarter, below expectations for 1.1% and down from 1.7% in the preceding quarter.
Following the release of the data, the U.S. dollar spiked higher against the euro, with EUR/USD falling 0.34% to trade at 1.3217.
Meanwhile, U.S. stock index futures turned lower. The Dow Jones Industrial Average futures indicated a loss of 0.2% at the open, S&P 500 futures eased down 0.2%, while Nasdaq 100 futures indicated a loss of 0.1% at the open.