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US economy confirms ease in growth to 2% in Q2

US economy confirms ease in growth in Q2

The U.S. confirmed the ease in the pace of expansion in the second quarter, giving support to the Federal Reserve after it decided to cut interest rates.

The U.S. economy grew an annualized 2.0 percent in the April-June quarter, matching both forecast and preliminary readings, easing from 3.1 percent expansion in the first quarter.

Goods trade deficit widened to $72.8 billion in July from a revised deficit of $72.5 billion, while analysts had predicted a shortfall of $73.3 billion.

Another report showed that U.S. initial jobless claims edged up to 213,000 last week from 210,000 a week before. That came above projections of 210,000.

As of 12:41 GMT, the dollar index continued to trade higher, yet it eased from a two-week high of 98.74 to 98.60.

It is worth mentioning that the Fed slashed interest rates by another 25 basis pointing, citing the risks stemming from the trade war and other global uncertainties. 

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