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[The Guardian]

US GDP: Trump hails pick-up in growth, but consumer spending slows – business live

Shares have dipped slightly on the New York stock exchange, as traders digest the GDP numbers.

US GDP: Trump hails pick-up in growth, but consumer spending slows

The Dow Jones Industrial Average is down 20 points, or 0.07%, while the tech-focused Nasdaq has lost 0.3%.

Stephen Hubble, Chief Analyst at currency firm Centtrip, explains:

“US GDP smashed the forecast of 2% growth, having come in at 3.2% for the first quarter of the year.

However, the market reaction was muted due to a surprise drop in personal consumption expenditure (PCE) measuring inflation in goods and services.”

Read the full rolling coverage: the Guardian

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