Fiper: Online CFD Trading | Forex, Shares, Indices, Metals & more

Gross domestic product is the broadest measure of economic activity and a key indicator of an economy's health
Annual percentage change (4X quarterly change) in GDP shows and indicates economic growth as a whole
Consumption makes up the largest part of the gross domestic product in the United States of America and has the greatest impact on it. Also, the numbers can be very volatile from quarter to quarter.
The US economy expanded at an annualized rate of 2.6% on a quarterly basis in the last three months of 2022, just below the initial estimate of a 2.7% rise. Consumer spending rose 1%, down from 1.4% in the second estimate, as spending on services advanced much less than initially expected (1.6% vs. 2.4%). Also, spending on goods fell 0.1%, compared to an initial estimate of a 0.5% decline, with jewelry leading the decline. Also, the contribution from net trade was revised downward (0.42 points vs. 0.46 pg), with exports (-3.7% vs. -1.6%) and imports (-5.5% vs. -4.2%) falling further. Meanwhile, private inventories added 1.47 to growth, in line with the second estimate, led by petroleum, coal products and utilities. Fixed investment decreased less (-3.8% vs. -4.6%), due to equipment (-3.5% vs. -3.2%) while intellectual property products increased (6.2% vs. 7.4%). Residential investment continued to contract albeit at a slightly slower pace (-25.1% vs -25.9%). Taking into account all of 2022, GDP expanded by 2.1%

Outlook for today's statement and how it will affect the currency

The forecast for today's reading is 2%.
A higher-than-expected reading indicates growth in the economy and was positively affected by the US dollar, while a lower-than-expected reading indicates a decline in economic growth and was negatively affected by the US dollar.