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7 months ago
J.P. Morgan cuts U.S. fourth quarter GDP view to 1.5 percent
December 14, 2016 / 4:16 PM / 7 months ago

J.P. Morgan cuts U.S. fourth quarter GDP view to 1.5 percent

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A crane flies an American flag over a construction site in downtown Los Angeles, California October 29, 2014.Mike Blake

NEW YORK (Reuters) - J.P. Morgan on Wednesday reduced its U.S. economic growth forecast in the fourth quarter to 1.5 percent from 2.0 percent as a result of weaker-than-forecast data on domestic retail sales in November.

Michael Feroli, an economist at the bank, said in a research report that real consumer spending now is on track to grow at an annualized 1.6 percent rate in fourth quarter, compared with an earlier pace of 1.9 percent to 2.0 percent.

Reporting by Richard Leong

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