U.S. Markets

J.P. Morgan cuts U.S. first-quarter GDP growth view to 1.5 percent

Durable goods are seen on sale in a store in Los Angeles, California, U.S., March 24, 2017. REUTERS/Lucy Nicholson

NEW YORK (Reuters) - J.P. Morgan on Thursday lowered its tracking estimate on U.S. economic growth in the first quarter as durable goods orders rose less than forecast in December with core capital orders posting a surprise drop.

U.S. gross domestic product likely grew at a 1.50 percent annualized pace in the first three months of the year based on the latest durable goods data, slower than an earlier calculated rate of 1.75 percent, J.P. Morgan economist Michael Feroli wrote in a research note.

Reporting by Richard Leong; Editing by Chizu Nomiyama