Atlanta and NY Fed cut US first quarter GDP view after weak data

Source: Reuters

“The Atlanta and New York Federal Reserve banks downgraded their outlook for U.S. economic growth for the first quarter after disappointing data on retail sales and consumer prices in March. First-quarter gross domestic product was on track to grow 0.5 percent, which was lower than the 0.6 percent growth rate calculated on April 7, the Atlanta Fed said. The New York Fed said on Friday its first-quarter GDP forecast was 2.09 percent, down from 2.56 percent a week earlier.” (04/17/17)