{"text":[[{"start":10.29,"text":"The US economy grew more strongly in the second quarter than previously estimated, after figures on consumer spending were revised sharply higher."}],[{"start":20.63,"text":"GDP increased at an annualised rate of 3.8 per cent in the three months to the end of June, the Bureau of Economic Analysis said on Thursday in its third estimate of growth for the second quarter. That was up from 3.3 per cent in the second reading, though first-quarter growth was revised lower to a 0.6 per cent contraction."}],[{"start":44.43,"text":"Consumer spending was revised significantly higher, growing at an annualised rate of 2.5 per cent, compared with 1.6 per cent in the previous estimate."}],[{"start":55.769999999999996,"text":"The BEA said the revision to consumer spending was driven by increases in purchases of transportation and financial services, as well as insurance. This was partially offset by a downward revision to exports."}],[{"start":70.86999999999999,"text":"The revised figures come a week after the Federal Reserve reduced borrowing costs for the first time this year, citing a significant slowdown in the labour market."}],[{"start":83.41,"text":"Bureau of Labor Statistics figures showed the US economy created far fewer jobs over the summer, with the non-farm payrolls data showing an outright decline in roles created in June."}],[{"start":96.34,"text":"However, the latest initial claims figures signalled the situation may not be as dire as some fear, with the number of claimants for first-time unemployment insurance falling to 218,000, from 232,000 the previous week."}],[{"start":114.29,"text":"Fed officials have signalled more rate cuts on the horizon, but have also said they will review economic data to decide on their next policy moves."}],[{"start":123.72,"text":"Ryan Sweet, chief US economist at Oxford Economics, said the GDP data was unlikely to “move the needle on monetary policy”."}],[{"start":133.96,"text":"“It’s backward looking and the Federal Reserve is focused on the health and risks to the labour market,” Sweet said, adding that the September employment report, out on October 3, would “determine the Fed’s next move”."}],[{"start":147.75,"text":"Short-term US government debt, which is sensitive to expectations for monetary policy, fell in price on Thursday, sending yields higher. The two-year Treasury yield was up 0.06 percentage points to 3.65 per cent in afternoon trading, while Wall Street’s S&P 500 index closed 0.5 per cent lower."}],[{"start":182.51999999999998,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1758841729_5791.mp3"}