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Global markets: US economy grows at slower pace

By Commodity News Service Canada

WINNIPEG, April 28 – The following is a glance at the news moving markets globally.

– America’s economy advanced in the first quarter, according to reports out of the country on Friday, but at its slowest pace in three years.

US gross domestic product was up 0.7 per cent in Q1, the country’s Commerce Department said.

– Canada’s gross domestic product was unchanged in February following three months of growth. Gains in service-producing industries were offset by declines in goods-producing industries, Statistics Canada said in a report on Friday.

Service-producing industries were up 0.2 per cent in February following a 0.5 per cent gain in January, the highest monthly growth rate since January 2013. Goods-producing industries were down for the first time since October, declining 0.3 per cent in February.

– The Industrial Product Price Index (IPPI) rose 0.8 per cent in March, mainly due to higher prices for motorized and recreational vehicles and primary non-ferrous metal products. The Raw Materials Price Index (RMPI) decreased 1.6 per cent, primarily due to lower prices for crude energy products, StatsCan said on Friday.

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