Asian Markets Open Mixed

The economy in the U.S. grew at a faster pace in the first quarter, reflecting the biggest increase in consumer spending in two years as households overcame a drop in incomes by putting less money in the bank.

The world’s largest economy probably accelerated in the first quarter as consumer spending grew by the most in two years and U.S. businesses rebuilt inventories, economists said before a report Friday. Gross domestic product rose at a 3% annualized rate after expanding at a 0.4% pace in the final three months of 2012, according to the median forecast of 86 economists surveyed by Bloomberg.

WASHINGTON — The U.S. economy barely grew in the fourth quarter although a slightly better performance in exports and fewer imports led the government to scratch an earlier estimate that showed an economic contraction. Gross domestic product expanded at a 0.1% annual rate, the Commerce Department said on Thursday, missing the 0.5% gain forecast by analysts in a Reuters poll. The growth rate was the slowest since the first quarter of 2011 and far from what is needed to fuel a faster drop in the unemployment rate.

On the heels of the Japanese economy shrinking at 12.7% rate 2 quarters ago, the Japanese economy grew at a 3.7% annual rate in the second quarter. Japan is the 2nd largest economy (after the USA). Japan’s economy leaves recession:

OTTAWA — Canada’s economy grew faster than expected in November, rising 0.3% after a tepid 0.1% rise in October and no gain in September, Statistics Canada said on Thursday. The median forecast in a Reuters survey of economists was for a 0.2% rise, though eight of 21 analysts did predict an increase of at least 0.3%. Taken to the second decimal place, the rise was 0.28%. The data is adjusted for seasonal factors such as Christmas shopping.