Market Review, April 2013

Publication Date: 

May 2013

Summary: 

U.S. real GDP missed expectations by the most since the third quarter of 2011 as the first quarter advance estimate came in at an annual rate of 2.5%, below the estimates of 3%. Fourth quarter growth was revised downward to 0.4%. Gains in personal consumption expenditure, inventories and housing were partially offset by government spending cuts at the federal, state and local levels and lower net exports.