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mpc: 8 Growth in the United States had slowed to 0.3% in Q4, the slowest quarterly growth rate since 2002. Although the slowdown was broadly based across expenditure categories, there were a number of reasons for discounting the slowdown as erratic. These included: the impact of the hurricanes on both consumption and the production of oil and gas; the unwinding of incentives on auto purchases; the impact of a strike at Boeing on investment; and an erratic fall in defence spending. Consequently, GDP growth seemed likely to bounce back in Q1. That being said, some of the January indicators had been a little weaker than expected, for example the latest non-farm payrolls data and the non- manufacturing purchasing managers' index

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