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  "documentTitle": "Global Economics Intelligence Apr 2023",
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      "text": "The Fed's latest economic growth projections for 2023 and 2024 decreased to 0.4% and 1.2% respectively; inflation edges down to 5.0% with energy prices contributing to this decline.",
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      "text": "Global Economics Intelligence › United States report, April 2023",
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      "text": "GDP growth: 0.4%",
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      "text": "Retail and food-service sales in March decreased to $691.7 billion, a 1% decline from February's $697 billion. The consumer confidence index (Conference Board) climbed slightly in March to 104.2—up from 103.4 in February.",
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      "text": "The Fed's latest economic growth projections for 2023 and 2024 decreased to 0.4% and 1.2% respectively; inflation edges down to 5.0% with energy prices contributing to this decline; Fed likely to continue with a rate rise in the coming month.",
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      "text": "The consumer price index (CPI) decreased to 5.0% (annualized) in March (6.4% in February). This outpaced the decline in the energy index, which fell –3.5% over the month with all major energy component indexes showing a decline.",
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      "text": "The US Industrial Production Index stood at 103 in March, slightly higher than February's 102.6. The purchasing managers' index (PMI) for manufacturing increased to 49.3 in March (47.3 February), while the services PMI rose to 52.6.",
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      "text": "In March, both the S&P 500 and the Dow Jones were up by 7.0% and 0.4% respectively, marking positive returns on the equity markets for the year so far. During March, the CBOE Volatility Index averaged 18.7.",
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      "text": "The unemployment rate stands at 3.5%, slightly higher than February's 3.4% (3.6% in January 2020). Total nonfarm payroll employment has added approximately 236,000 net new jobs in March.",
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      "text": "At the Federal Open Market Committee (FOMC) meeting held March 21–22, 2023, participants' median projections for GDP growth were 0.4% and 1.2% for 2023 and 2024 respectively—down from December's projection of 0.5% and 1.6%.",
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