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Thursday, May 31, 2007

Forex News - US economy weakest in four years

Forex News for May 31 - The US economy grew at a pace of 0.6% in the first three months of 2007, its weakest rate in more than four years. This figure was a downward revision on the initial 1.3% estimate, and was also worse than market expectations of 0.8%.

It was the slowest rate of growth since the final three months of 2002.

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Significant reason for the weak numbers was the fall in the housing market, which posted a 15.4% reduction in new home building during the quarter.

Consumer spending remained resilient, adding 4.4%, and business investment was better than earlier estimates, growing 2.9%, revised up from 2%.

Some comments of the analysts incuded:

"It's quite obvious the economy bottomed in the first quarter and this leaves us with a better base from which to bounce back."

"I think we'll see second-quarter growth above 3% and 2.5% for all of 2007," said Lehman Brothers senior economist Drew Matus."

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