US economy seen expanding 2.2% in Q2: Atlanta Fed

[NEW YORK] The US economy is on track to grow by a 2.2 per cent annualized rate in the second quarter following data that showed stronger consumer spending and fixed investments, the Atlanta Federal Reserve's GDPNow forecast model showed on Tuesday.

The latest GDP estimate was faster than the 1.7 per cent pace reported on May 4, the regional Fed said on its website.

The forecast for second-quarter consumer spending growth increased to 3.0 per cent from 2.6 per cent, while fixed investments were projected to grow 2.2 per cent compared with 0.4 per cent, the Atlanta Fed said.

REUTERS