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The US economy suffered its worst quarter since the Great Recession in Q1 with real GDP falling 2.9% on an annualized basis. The main downward revision to activity came from lower consumer spending on services with the previously estimated advance of 4.3% being revised down to only a 1.5% gain. Newly available data from the Census Bureau's quarterly services survey indicated a much smaller contribution to growth for the sector from 1.9 percentage points to 0.7 percentage points. Housing and business investment fared poorly while net trade imposed a sharp drag on growth…
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