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Macroeconomic outlook report: USA

First quarter of 2019

In the first quarter of 2019, the US economy registered a y/y growth rate of 3.10%, which represented a 0.90 p.p. acceleration over the rate of 4Q18. This behavior was mainly due to the performance of external demand, following a higher growth of exports. The unemployment rate increased by 0.10 p.p., to 3.90%, while the employment growth rate decelerated by 0.65 p.p. when compared to the previous quarter, reaching a growth rate of 1.20%. Inflation stood at 1.63%, 0.58 p.p. lower than in the previous quarter. For its part, the US dollar kept steady against the euro, at an average exchange rate of 1.14 $/€.


Macroeconomic overview

  • The US economy grew at a year-over-year rate of 3.10% during the first quarter of 2019, accelerating by 0.90 p.p. from the previous quarter.
  • This performance was mainly based on the performance of external demand, following the acceleration of exports by 3 p.p. to 4.80% and the deceleration of imports by 4.50 p.p. to a rate of -2.50%.
  • With regard to the labor market, the unemployment rate increased by 0.10 p.p. with respect to the last quarter of 2018, reaching a rate of 3.90%. The year-over-year growth rate of employment slowed by 0.65 p.p. compared to 4Q18, recording a variation of 1.20%.
  • The euro kept at the same level against the US dollar, reaching an exchange rate of 1.14 $/€ during 1Q19.
  • In 1Q19, inflation in the US stood at 1.63%, which was 0.58 p.p. lower than in the previous quarter, mainly motivated by the lower growth of energy prices.

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© GMS Management Solutions, S.L., 2019. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.