NEW YORK (Reuters) - The U.S. economy is on track to grow 0.6 percent in the fourth quarter after disappointing data on retail sales and industrial output in December, the Atlanta Federal Reserve’s GDPNow forecast model showed on Friday.
That pace is slower than the regional Fed’s prior estimate of 0.8 percent growth a week earlier, the Atlanta Fed said on its website.
The forecast for fourth-quarter real consumer spending growth fell to 1.7 percent to 2.0 percent, the model showed.
The Commerce Department said on Friday retail sales dipped 0.1 percent after increasing 0.4 percent in November, while the Federal Reserve said industrial production fell 0.4 percent last month, more than the 0.2 percent fall forecast by economists polled by Reuters.
The government will release its first reading on fourth-quarter gross domestic product on Jan. 29.
In the most recent Reuters poll, analysts projected a 1.5 percent increase in GDP in the final quarter of 2015, following a 2.0 percent rise in the third quarter.
Reporting by Richard Leong
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