Investing.com - The U.S. economy expanded in line with expectations in the final three months of 2013, underlining optimism over the strength of the economy, official preliminary data showed on Thursday.
In a report, the Bureau of Economic Analysis said gross domestic product grew at a seasonally adjusted annual rate of 3.2% in the fourth quarter, meeting expectations. The U.S. economy expanded by 4.1% in the preceding quarter.
The data showed personal consumption grew 3.3% in the three months ended December 31, below expectations for 3.7%, but up from 2% in the preceding quarter. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 1.3% in the fourth quarter, in line with expectations and down from 2% in the preceding quarter.
Following the release of the data, the euro added to losses against the U.S. dollar, with EUR/USD shedding 0.63% to trade at 1.3578, compared to 1.3583 ahead of the data.
Meanwhile, the outlook for U.S. equity markets remained higher. The Dow Jones Industrial Average futures indicated a gain of 0.4% at the open, S&P 500 futures pointed to an increase of 0.35%, while the Nasdaq 100 futures indicated a rise of 0.75%.
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