March 9, 2018 / 5:25 PM / 4 months ago

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

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.

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

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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