US economic growth cooled off in the first quarter of 2011 with GDP growth of 1.8%, down from 3.1% the previous quarter.
The figure, down from 3.7% growth year on year in Q1 2010, was in line with analysts' expectations, amid a weak housing market and higher oil prices.
The Bureau of Economic Analysis, which released the figure, said the deceleration in real GDP in the first quarter was mainly down to weak government spending.
"The deceleration in real GDP in the first quarter primarily reflected a sharp upturn in imports and a decrease in federal government spending."
US 30-year treasuries slightly rose after the announcement, up 0.02% to 4.48%.
Meanwhile, the dollar advanced 0.03% against the euro to €1.47920, rising after hitting a 16-month low yesterday.
Consistency and compliance vs. slower reaction time
Search for replacement to begin imminently
60+ £300bn ISA savings
Has technology moved on?
Total funds on list rise from 26 to 58