-- US economic growth, measured by gross domestic product, rose by 2.0% in Q1 after a 0.5% gain in Q4, slower than a 2.3% increase expected in a survey compiled by Bloomberg as of 7:35 am ET.
Personal consumer expenditures rose by 1.6% after a 1.9% gain in Q4.
There were positive contributions from nonresidential fixed investment, inventory growth and government spending that were partially offset by negative contributions from residential fixed investment and net exports.
The GDP price index rose by 3.6% after a 3.7% gain in the previous quarter, but the PCE measures accelerated.
The second estimate of Q1 GDP is scheduled to be released on May 28.
The quarterly measure of gross domestic product, or GDP, is released by the US Bureau of Economic Analysis at three stages, with the advance reading about a month after the end of a quarter, followed by second and third readings for the same quarter two and three months after quarter-end.
The data are broken down by each of the GDP components: consumption, fixed investment (which includes residential and nonresidential investment and inventories), government spending, and net exports (exports minus imports). The report also includes prices measures for the overall reading and the categories.
Strong GDP growth is a positive for stocks, but a negative for bonds, especially if it is accompanied by sharp inflation gains.