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[NEW YORK] The US economy is on track to grow 1.9 per cent in the second quarter following government data that showed housing starts fell 11.1 per cent in May, Atlanta Federal Reserve's GDPNow forecast model showed on Tuesday.
This was unchanged from the regional Fed's prior estimate on June 11.
The drop in home construction activity reduced the model's forecast on residential investment growth to 6.8 per cent from 8.8 per cent in the second quarter, the Atlanta Fed said on its website.