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January 30, 2008 - Forex Economic News
U.S. GDP Growth slows in 4th Quarter to 0.6%.
The U.S. Real Gross Domestic Product growth put on the brakes in the 4th quarter of 2007, a monthly report by the Commerce Department showed today. The report showed that Real GDP, the measurement of output of goods and services, grew 0.6 percent in the 4th quarter down from 4.9 percent growth in the 3rd quarter. The U.S. economy grew only 2.2 percent overall in 2007, the slowest the economy has grown in the five years. The GDP release comes before an announcement by the Federal Reserve later today on whether to cut interest rates again after a recent emergency cut of 75 basis points and if so, by how much. The market expectation is that the Fed will cut the interest rate by 50 basis points to 3.00 percent and after today's GDP numbers that position seems to be reinforced. The Fed announcement comes later at 2:15 EST.(19:15 GMT).
Tags: US GDP, Interest Rates, US Economy,----------------------------- Blog index
