Huge miss, 1Q 2013 US GDP revised down to 1.8, expectation of 2.4. Personal consumption only 2.6% on forecast of 3.4%

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6/26/13, "U.S. final Q1 GDP revised down to 1.8% from 2.4%," Investing.com

"The U.S. economy grew significantly less-than-expected in the first quarter of 2013, fuelling concerns over the U.S. economic outlook, official data showed on Wednesday.

In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 1.8% in the three months to March, below expectations for a 2.4% gain.

The data showed personal consumption grew 2.6% in the first quarter, missing forecasts for a 3.4% increase. Consumer spending typically accounts for nearly 70% of U.S. economic growth.

The GDP price index rose by 1.3% in the first quarter, above expectations for a 1.2% gain.

Following the release of the data, the U.S. dollar trimmed gains against the euro, with EUR/USD shedding 0.25% to trade at 1.3047."...via Free Republic

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6/26/13, "US growth rate revised down to 1.8%," BBC

"The US economy grew by less than previously estimated in the first quarter of the year, the Commerce Department has said.

Gross domestic product - which measures annual economic output - grew at an annualised pace of 1.8%, down from an earlier estimate of a 2.4% rise.

Weak business investment, a slowdown in consumer spending and falling exports led to the downward revision.

In the final quarter of 2012, the annualised growth rate had been 0.4%."