Investing.com - The U.S. economy grew at a slower rate-than-expected during fourth quarter of 2012, official data showed on Thursday.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 0.1% in the three months to December, below expectations for growth of 0.5%.
The U.S. government’s preliminary estimate showed the U.S. economy shrank by 0.1% in the fourth quarter.
The data showed personal consumption grew 2.1% in the fourth quarter, below expectations for a 2.3% increase. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 0.9% in the fourth quarter, above expectations for a gain of 0.6%.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD dipping 0.07% to trade at 1.3127.
Meanwhile, U.S. stock index futures held on to gains. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures indicated a gain of 0.1%, while the Nasdaq 100 futures signaled a 0.1% advance.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 0.1% in the three months to December, below expectations for growth of 0.5%.
The U.S. government’s preliminary estimate showed the U.S. economy shrank by 0.1% in the fourth quarter.
The data showed personal consumption grew 2.1% in the fourth quarter, below expectations for a 2.3% increase. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 0.9% in the fourth quarter, above expectations for a gain of 0.6%.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD dipping 0.07% to trade at 1.3127.
Meanwhile, U.S. stock index futures held on to gains. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures indicated a gain of 0.1%, while the Nasdaq 100 futures signaled a 0.1% advance.