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Financials

J.P. Morgan cuts U.S. Q4 2018 GDP view after dismal retail sales

NEW YORK, Feb 14 (Reuters) - J.P. Morgan on Thursday reduced its tracking estimate on U.S. economic growth in the fourth quarter of 2018 following data that showed domestic retail sales took a 1.2 percent “nosedive” in December, which was its steepest monthly drop in nine years.

U.S. gross domestic product likely grew at a 2.0 percent annualized pace in the final three months of last year based on the latest retail sales figures, slower than an earlier calculated rate of 2.6 percent, J.P. Morgan economist Michael Feroli wrote in a research note. (Reporting by Richard Leong)

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