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Economic Growth Cools as American Consumers Temper Spending
“There’s still some pockets of strength in the U.S. economy, so we should not get overly downbeat,” Thomas Costerg, a senior U.S. economist at Standard Chartered Bank in New York, said before the report. While growth prospects remain challenged, “the consumer is resilient -- that’s the good news.” Economists’ projections for GDP, the value of all goods and services produced, ranged from a 0.2 percent decline to a 1.7 percent increase. The Commerce Department’s estimate is the first of three for the quarter, with the other releases scheduled for February and March when more information becomes ... (full story)