N.Y. Fed lowers U.S. first-quarter GDP growth view to 2.2 percent

NEW YORK (Reuters) – The U.S. economy is expanding at a 2.17 percent pace in the first quarter based on data on trade balance in November and services business activity in January, the New York Federal Reserve’s Nowcast model showed on Friday.

This was lower than the 2.39 percent rate calculated by the N.Y. Fed model a week ago.

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