US fourth quarter growth revised down

Economic data on Friday were mixed.

In the US, fourth quarter growth was revised down to a 2.4 percent annual rate from the initial estimate of 3.2 percent.

However, the Institute for Supply Management-Chicago business barometer rose to 59.8 in February from 59.6 in January, the Thomson Reuters/University of Michigan consumer sentiment index rose to 81.6 from 81.2 and pending home sales eked out a 0.1 percent rise in January after a 5.8 percent fall the previous month.

In the euro area, the inflation rate was unchanged at 0.8 percent in February while the unemployment rate was unchanged at 12.0 percent in January.

In Japan, the Markit/JMMA manufacturing PMI fell to 55.5 in February from an eight-year high of 56.6 in January when industrial output rose 4.0 percent. A survey by the Ministry of Economy, Trade and Industry showed that manufacturers expect output to rise another 1.3 percent in February but fall 3.2 percent in March.

Other data from Japan on Friday showed that the inflation rate was unchanged at 1.3 percent in January, the jobless rate was unchanged at 3.7 percent in January and household spending rose 1.1 percent in January from the previous year, accelerating from a 0.7 percent increase in December.