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Markets brush off US economic contraction

January 30, 2013

LONDON -- Markets brushed aside news that the U.S. economy shrank in the final quarter of 2012 for the first time in over three years as the decline was largely due to a huge fall in national defense spending. The Commerce Department reported that the U.S. economy shrank by an annualized rate of 0.1 percent in the fourth quarter. That was way down on the 1.1 percent growth that analysts had been expecting, even factoring in the impact of Hurricane Sandy. It also contrasted sharply with the 3.1 percent growth rate recorded in the previous three-month period.

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