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US economy grows for third quarter in a row


US economy grows for third quarter in a row


America’s economy has grown for the third quarter in a row, albeit at a slightly slower rate than had been predicted.

Official figures show US gross domestic product expanded at an annual rate of 3.2 per cent in the first three months – a rate held back by slower growth in exports and a rise in imports.

But it was America’s resurgent desire to go shopping which proved a major boost – spending twice as quickly as they did in the last three months of 2009.

Wall Street opened up slightly, gaining 0.1 per cent in pre-market trading.

The Dow was held back by Goldman Sachs which fell nearly 4 per cent after the Wall Street Journal reported that federal prosecutors have begun a criminal investigation into possible securities fraud at the investment bank.

Oil exploration company Transocean shed value after major losses from the oil-disaster in the Gulf of Mexico.

The price of oil rose to top 87 dollars a barrel

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