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Economists had expected a 2 percent growth pace
Another report on Thursday showed a surprise rise in the number of Americans claiming unemployment benefits last week, which could cast a shadow on expectations for a significant pick-up in output in the [link widoczny dla zalogowanych] second quarter. Growth in gross domestic product, a measure of all goods and services produced within US borders, slowed to a 1.8% annual rate after a 3.1% fourth-quarter pace, the Commerce Department said.
Economists had expected a 2 percent growth pace. Output was also restrained by harsh winter weather, rising imports as well as the weakest government spending in more than 27 years. "The biggest factor was weather. It hurt consumption and construction. Energy also hurt consumption as well. Higher gasoline prices took a bigger bite out of people's budget," said Stephen Stanley, chief economist at [link widoczny dla zalogowanych] Pierpont Securities in Stamford, Connecticut. Initial claims for state unemployment benefits jumped 25,000 to a seasonally adjusted 429,000, the Labor Department said. Economists had expected claims to slip to 392,000. US government debt prices rose after the data,[link widoczny dla zalogowanych], while stock index futures added to losses. The dollar extended losses against the yen and the euro.
The Federal Reserve on Wednesday acknowledged the slowdown in first-quarter growth, describing the recovery as proceeding at a "moderate pace", a slight step back from a statement in March when it said the economy was on a "firmer footing". It trimmed its [link widoczny dla zalogowanych] growth estimate for 2011 to between 3.1-3.3% from a 3.4-3.9% January projection.
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Israeli Prime Minister Ariel Sharon