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Global markets: US economy grows at weaker pace

By Commodity News Service Canada

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

US ECONOMIC GROWTH HITS TWO-YEAR-LOW
The US economy moved at its slowest pace in two years in the first quarter, according to reports on Thursday.

Government data says the country’s gross domestic product grew at a 0.5 per cent annualized rate.

Analysts say reduced consumer spending and a weaker global economy contributed to slower growth.

US FED HOLDS RATES STEADY

The US Federal Reserve has left interest rates unchanged.

Officials from the Fed cited strength in the country’s labour force as a sign of an improving domestic economy, and kept the potential for a June interest rate hike open.

CANADIAN PAYROLL UP SLIGHTLY
Average weekly earnings of non-farm payroll employees were $954 in February, little changed from the previous month at 0.3 per cent and from 0.4 per cent 12 months earlier. Earnings growth has levelled off since February 2015, Statistics Canada said in a report on Thursday.

According to StatsCan, the change in weekly earnings reflects a number of factors, including wage growth, changes in the composition of employment by industry, occupation and level of job experience, as well as average hours worked per week.

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