US first-quarter GDP growth revised up to 1.1%

According to the third estimate, Q1 gross domestic product grew 1.1%.

This was ahead of consensus expectations of 1% growth and the previously-estimated 0.8% increase.

In the final quarter of 2015, real GDP rose 1.4%.

Real gross domestic income, which measures the value of the production of goods and services in the US as the costs incurred and the incomes earned in production, increased 2.9% in the first quarter, compared with a 1.9% rise in the fourth.

Dennis de Jong, managing director at UFX.com, said: “Fed Chair Janet Yellen will be largely content with the GDP figures released today that reveal a US economy in decent health amid swirling global uncertainty.

“The UK’s decision to vote to leave the EU last week has triggered market turmoil not seen since the dark days of 2008 and, while the US is likely to avoid bearing too much of the global burden, a strengthening dollar against the pound will have some knock-on effects.

“Yearly US GDP figures have been trimmed slightly in light of the Brexit fallout, and disappointing jobs data has put an interest rate rise on the back burner for now. Yellen and Co. may now be more likely to cut rates than raise them.”