GDP slows ..but employment costs up/ EDIT(s)..
The U.S. economy grew at a 5.4% rate in the first quarter, the government said Thursday, below Wall Street forecasts and the fourth quarter's pace, but the employment cost index ? a measure of labor costs closely watched by Fed Chairman Alan Greenspan ? jumped 1.4 % in the quarter, well above economists? forecasts (of 1.1% ?). Bonds edged lower and stock futures fell after the reports on investor worries about inflation, pointing to a lower open on Wall Street.
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Some Bloomberg details:
bloomberg.com
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Some Headlines:
08:30 Q1 INVENTORIES SUBTRACT 1.4% FROM GDP, TRADE SUBTRACTS 1.3% FROM GDP
08:30 Q1 GDP PURCHASES DEFLATOR EXCLUDING FOOD, ENERGY, PAY HIKE 1.7% VS. 1.9% Q4
08:30 SLOWDOWN IN HEADLINE GDP DUE TO INVENTORIES, IMPORTS, GOVERNMENT SPENDING
08:30 Q1 FIXED INVESTMENT UP 17.3%; EQUIPMENT AND SOFTWARE UP 23.7%
08:30 Q1 PERSONAL CONSUMPTION EXPENDITURES UP 8.3%, MOST IN 17 YEARS
08:30 DETAILS OF GDP REPORT SHOW STRONGER CORE ECONOMY, LOWER CORE INFLATION
08:30 Q1 GDP DOMESTIC PURCHASES DEFLATOR UP 3.2%, MOST IN 9 YEARS
08:30 Q1 GDP UP 5.4% VS. 6% EXPECTED
08:30 ECI GAINS 4.3% YEAR OVER YEAR, LARGEST SINCE 1991
08:30 Q1 1.4% GAIN LARGEST SINCE Q3 1989
08:30 Q1 WAGES AND SALARIES UP 1.1%, BENEFITS UP 2%
08:30 Q1 EMPLOYMENT COST INDEX UP 1.4% VERSUS EXPECTED 1.1% GAIN |
