March 9, 2018 / 5:25 PM / 9 months ago

Atlanta Fed lowers U.S. first quarter GDP estimate to 2.5 percent

FILE PHOTO: Construction cranes are seen in the Los Angeles skyline in downtown Los Angeles, California U.S. November 7, 2017. REUTERS/Lucy Nicholson

NEW YORK (Reuters) - The U.S. economy is on track to expand at a 2.5 percent annualized rate in the first quarter as weaker-than-income wage growth in February lowered expected consumer spending and investment, the Atlanta Federal Reserve’s GDPNow forecast model showed on Friday.

The latest estimate on gross domestic product was slower than the 2.8 percent growth pace calculated on March 7, the Atlanta Fed said.

Reporting by Richard Leong; Editing by Jonathan Oatis

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