Atlanta Fed Revises Q1 GDP Estimate Lower

New York, NY, March 29, 2016 -- The Atlanta Federal Reserve said its GDPNow forecast model shows the economy is growing at a pace below 1% in the first quarter.

The new estimate of 0.6% is down from a prior estimate of 1.4%.

Newer economic data showed slower consumer spending and a large trade gap in February.

The Atlanta Fed said its forecast model revised its estimate on real consumer spending at 1.8% growth compared to an earlier estimate of 2.5%.