Credit: Investing.com - The U.S. economy grew slower-than-initially expected in the first quarter of 2013, revised data showed on Thursday.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 2.4% in the three months to March, below expectations for growth of 2.5%.
The data showed personal consumption grew 3.4% in the first quarter, above expectations for a 3.3% increase. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 1.2% in the first quarter, in line with expectations.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD adding 0.16% to trade at 1.2962.
Meanwhile, U.S. stock index futures held on to gains. The Dow Jones Industrial Average futures pointed to a rise of 0.3% at the open, S&P 500 futures indicated a gain of 0.4%, while the Nasdaq 100 futures signaled a 0.25% advance.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
