Downgrade: Weaker Economic Growth First Quarter

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Downgrade: Weaker Economic Growth First Quarter

The U.S. government reported today that the economy grew at a 1.8% annual rate in the first quarter, below earlier estimates. According to Bloomberg, the 2% increase in U.S. payroll tax took a bigger bite out of consumer spending than previously calculated.

Regardless consumer confidence is higher.

“You’re not seeing a big pullback in consumer spending, it is just weaker...

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