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Uncle Sam’s final growth reading for the first quarter of 2024 came in at 1.4%, higher than the second estimate of 1.3% but still lower than the advanced reading of 1.6%.
Bureau of Economic Analysis data indicate that weakness in primary metals (for durable goods manufacturing) and petroleum and coal products (for nondurable goods manufacturing) among goods-producing industries led to lower GDP contributions.
In private service-producing industries, the major contributors to this increase were retail trade (led by automobile and parts dealers), finance and insurance (led by the Federal Reserve Banks, credit intermediation, and related activities), and health care and social assistance. (Led by Mobile Healthcare Services).
Link to Bureau of Economic Analysis’s final GDP estimates
Below are details of GDP contributions by industry group:
In a separate report, US core durable goods orders rose 0.1% month-on-month in May, slower than April’s 0.6% rise but higher than the expected 0.5% decline.
Orders for more closely watched core durable goods surprisingly fell by 0.1% on a monthly basis after a 0.4% increase in April and contrary to estimates of a 0.2% increase.
Link to the Census Bureau’s durable goods report
Meanwhile, initial weekly jobless claims data fell to 233,000 from 239,000 in the week ended June 22, below the expected reading of 236,000. However, it also showed that the four-week average was 3,000 higher than the previous week’s average.
Link to Department of Labor data on unemployment claims
Market reactions
US Dollar vs Major Currencies: 5 minutes
Overlay of the US dollar against major currencies Chart by TradingView
Lost bearish pressure from Asian session Paid It partially reversed during the European session, enabling the US dollar to trade Domains Before the US middle class data is released.
The US dollar fell sharply and fell to its lowest levels of the day when the reports were released. However, the downward moves were quickly reversed, likely due to traders liquidating their positions ahead of the US core PCE price index on Friday.
The dollar ended trading today mostly unchanged against most of its counterparts, with the exception of the euro and the pound sterling, which rose 0.21% and 0.12% against the dollar, respectively.
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