January 29, 2018 / 3:09 PM / 10 months ago

Atlanta Fed sees U.S. economy expanding at 4.2 percent in first quarter

FILE PHOTO: Shipping containers sit at the ports of Los Angeles and Long Beach, California, U.S. on February 6, 2015. REUTERS/Bob Riha, Jr./File Photo

NEW YORK (Reuters) - The U.S. economy is on track to grow at a 4.2 percent annualized rate in the first quarter, accelerating from the final quarter of 2017 that was held back by a surge in imports, the Atlanta Federal Reserve’s GDPNow forecast model showed on Monday.

On Friday, the Commerce Department said its first estimate on U.S. gross domestic product growth for the fourth quarter was an annualized 2.6 percent, which was 0.8 percentage point lower than what the Atlanta Fed model had projected.

Reporting by Richard LeongEditing by Chizu Nomiyama

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