US economic output grew at an annualised pace of 1.5% in the three months to June – slightly less than 0.4% on a quarter-on-quarter basis – according to official data yesterday which confirmed that the world's largest economy has started to slow down.
However, the US showing was far superior to the dismal performance of the UK economy, which it emerged on Wednesday had suffered a much worse-than-expected 0.7% quarter-on-quarter tumble in gross domestic product amid weak consumer and business confidence and swingeing public sector cuts.
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