The U.S. Commerce Department released the Advanced Gross Domestic Product estimate for the first quarter of 2011, where the U.S. economy slowed down to expand by 1.8%, compared with the prior reported growth of 3.1% in the fourth quarter of 2010, and below median estimates of 2.0%, while the GDP price index rose by 1.9%, better than 0.4% in the prior reading, and worse than median estimates of 2.3%.

Personal consumption rose in the first quarter by 2.7%, compared with the prior and expected estimates of 4.0% and 2.0% respectively, while core PCE rose by 1.5% in the first quarter, compared with median estimates of 1.4% and the prior estimates of 0.4%.