NEW YORK (Reuters) - The U.S. economy is growing at a 0.6 percent pace in the first quarter, based on advance data on the traded goods balance in March which showed a smaller deficit, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday.
That’s a faster pace than the 0.4 percent annualized gross domestic product growth expected in its prior estimate for the quarter on Tuesday, the Atlanta Fed said on its website.
Earlier Wednesday, the Commerce Department said its advance reading on the goods trade deficit in March was $56.90 billion, smaller than some analysts had forecast. This compared with a deficit of $62.86 billion in February.
The March figure suggested the drag on first-quarter GDP from trade was reduced to 0.45 percentage point from 0.68 point, the Atlanta Fed said.
Reporting by Richard Leong; Editing by Bernadette Baum