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US authorities revise GDP growth

The US authorities have today revised downward an earlier forecast that the US economy grew by 2.4% in the second quarter of 2010. The new figure is 1.6% which is a significant revision although interestingly it was actually above the 1.4% consensus forecast from a recent Reuters survey. It is believed that the downwards revision was purely and simply because of a sharp increase in imports over the period.

The revised figure of 1.6% does not compare favourably to the growth in the previous quarter which was 3.7%. The facts and figures are there for all to see that we are experiencing a significant slowdown in the US economy, something which is likely to continue for the foreseeable future. While there is no talk yet of a double dip recession in the US, and indeed economic growth is well above that in the UK, if we see another quarter like the last quarter then alarm bells will start to ring.

The ramifications of the downwards revision in US growth in the second quarter have been felt around the investment world as the US economy is still the engine room of the worldwide economy. If we were also to see a similar slowdown in Europe and the Far East then investors would certainly become even more concerned.

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