May 9, 2017 / 6:13 PM / 2 months ago

Goldman Sachs pares U.S. second-quarter GDP view to 2.9 percent

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Construction is seen in the Hudson Yards area of the West Side of Manhattan in New York U.S., November 21, 2016. Picture taken November 21, 2016.Shannon Stapleton

NEW YORK (Reuters) - Goldman Sachs economists on Tuesday trimmed its estimate on U.S. gross domestic product in the second quarter to 2.9 percent and raised its first-quarter GDP estimate to 0.9 percent following the release of March data on wholesale inventories.

"This morning’s data suggested a firmer pace of inventory investment in the first quarter but a somewhat smaller contribution to growth in the second quarter," Goldman economists Spencer Hill and Avisha Thakkar wrote in a research note.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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