6/29, 2:30 PM (Source: TeleTrader)
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US GDP down 1.6% in Q1

The United States economy contracted by 1.6% in the first quarter, according to a third estimate by the US Bureau of Economic Analysis on Wednesday, compared to a gross domestic product (GDP) decrease of 1.5% in the second estimate. "The update primarily reflects a downward revision to personal consumption expenditures (PCE) that was partly offset by an upward revision to private inventory investment," the report stated.

The personal consumption expenditures (PCE) price index was up by 7.1% in Q1, up from 7% in the second estimate. Meanwhile, personal income was up by $247.2 billion in the first quarter to $21.26 trillion.

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