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[NEW YORK] The US economy is on track to grow 1.9 per cent in the first quarter after weaker-than-expected data on domestic retail sales, the Atlanta Federal Reserve's GDP Now forecast model showed on Tuesday.
That pace was slower than the regional Fed's prior estimate of 2.2 per cent growth on March 9, the Atlanta Fed said on its website.
Earlier Tuesday, the Commerce Department said retail sales dipped 0.1 per cent in February and downgraded January's retail sales to show a 0.4 per cent decline instead of the previously reported 0.2 per cent increase.
The latest retail sales led the Atlanta Fed's model to scale back its forecast on first-quarter real consumer spending growth to 2.7 per cent from an earlier 3.3 per cent.