US GDP misses forecasts with 2.2% rise in first quarter

US GDP for the first quarter of 2012 rose 2.2%, undershooting analysts' forecasts.

The advance estimate from the Bureau of Economic Analysis suggested the growth was due to positive contributions from personal consumption expenditures, exports, private inventory investment, and residential fixed investment. These were partially offset, however, by negative contributions from federal government spending. Economists had expected GDP to rise at an annualised rate of 2.5% in the first quarter, following on from the 3% annualised increase seen in the fourth quarter of last year. Improving unemployment figures, better retail sales and other economic data released in th...