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[NEW YORK] JPMorgan economist Michael Feroli said on Wednesday he downgraded his outlook on US growth in the first quarter after a surprisingly weak report on domestic durable goods orders that showed a 1.4 drop in February.
Mr Feroli said in a research note he pared the tracking estimate on first-quarter gross domestic product to 1.5 per cent from 2.0 per cent. He still expected annual GDP growth on track at 2.4 per cent.