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Global markets: US economic growth slows, Canada’s expands

By Commodity News Service Canada

WINNIPEG, January 29 – The following is a glance at the news moving markets globally.

US ECONOMY SLOWS IN FOURTH-QUARTER
The US economy slowed in the fourth-quarter, the country’s Commerce Department said on Friday.

Gross domestic product increased at a 0.7 per cent annual rate, compared with two per cent the previous quarter.

Lower crude oil prices and a stronger US dollar weighed on the country’s exports.

CANADA’S ECONOMY EXPANDS
Real gross domestic product rose 0.3 per cent in November, primarily as a result of increases in wholesale and retail trade, oil and gas extraction as well as manufacturing, Statistics Canada said in a report on Friday.

According to StatsCan, the gain in November follows a 0.5 per cent decline in September and no growth in October.

The output of service-producing industries increased 0.2 per cent, mainly as a result of increases in wholesale and retail trade.

CANADIAN PRODUCER PRICES FALL FOR FIFTH CONSECUTIVE MONTH
Canada’s industrial product price index declined 0.2 per cent in December, mainly as a result of lower prices for energy and petroleum products. The raw materials price index fell five per cent, led by lower prices for crude energy products, Statistics Canada said in a report on Friday.

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