Dollar rises on Real GDP, Spending data. Jobless claims fall. - CountingPips Forex & Currency Trading Blog

March 27, 2008 - Forex Economic News

US Dollar rises on Real GDP, Spending data. Jobless claims fall.

The U.S. economy grew by 0.6 percent in the fourth quarter meeting economic forecasts. The U.S. Commerce Department report released today showed that real gdp grew at an annual rate of 0.6 percent in the October to December quarter of 2007 down from real gdp growth of 4.9 percent in the third quarter of 2007. Economic forecasts were on the mark as they had expected that the GDP numbers would match the previously released estimates of 0.6 percent. In a separate report by the Commerce Department, U.S. personal consumption or consumer spending was revised upwards to 2.3 percent from a previous estimate of 1.9 percent. Also, the core personal consumption expenditure, which is seen as a measure of inflation and excludes food and energy prices, was revised down to 2.5 percent from a previous estimate of 2.7 percent. The U.S. dollar got a boost from the news and traded higher against the majors. The dollar jumped against the yen as it ascended above the 100 yen to a dollar exchange rate after falling steadily verse the Japanese currency since the beginning of the week.

US Jobless Claims fall.

U.S. new jobless claims fell for the week ending March 22nd by 9,000 people to a seasonally adjusted total of 366,000 from a revised total of 375,000 claims the week before according to data released today by the U.S. Labor Department. A four week moving average of unemployment claims showed an increase of 1,750 workers to a rate of 358,000. Workers continuing claims for unemployment benefits for the week ending March 15th fell by 5,000 to 2,845,000, up from the week before which saw a revised 2,850,000. A four week moving average of continuing claims increased 25,250 from last week to 2,824,250. Last week's moving average registered 2,799,000.

Tags: us real gdp, us jobless claims, us personal consumption, core expenditure, consumer spending,

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