March 7, 2018 / 3:46 PM / a year ago

Atlanta Fed lowers U.S. first quarter GDP growth view to 2.8 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 2.8 percent annualized rate in the first quarter following data on domestic vehicle sales in February and trade balance in January, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday.

The latest estimate on gross domestic product was slower than the 3.5 percent growth pace calculated on March 1, the Atlanta Fed said.

Reporting by Richard Leong

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