Atlanta Fed downgrades US Q1 GDP view below 1%

Systems electrical assembler Kevin Quick replaces the motor in an integrated reactor machine that sprays insulation in homes at the Graco Inc. manufacturing facility in Minneapolis, Minnesota.

Ariana Lindquist | Bloomberg | Getty Images

Systems electrical assembler Kevin Quick replaces the motor in an integrated reactor machine that sprays insulation in homes at the Graco Inc. manufacturing facility in Minneapolis, Minnesota.

The U.S. economy is on track to grow at a 0.8 percent annualized pace in the first quarter following the latest jobs and retail sales data, theAtlantaFederal Reserve’s GDP Now forecast model showed on Wednesday.

The latest first-quarter gross domestic product estimate was lower than the 1.2 percent growth rate calculated on March 8, the Atlanta Fed said on its website.

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