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Trade (Mar.), ISM Non-Mfg. (Apr.) & Productivity (Q1)

The sharp decline in the nominal trade deficit to a six-month low of $49.0bn in March, from $57.7bn in February, was driven by an encouraging rise in exports. The data imply that net trade was broadly neutral for GDP growth in the first quarter and we expect it to remain so over the rest of the year.

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