U.S. economy seen expanding 2.2 percent in second quarter: Atlanta Fed
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A plane is seen during take off in New Jersey behind the Statue of Liberty in New York's Harbor as seen from the Brooklyn borough of New York February 20, 2016. REUTERS/Brendan McDermid/File Photo
NEW YORK (Reuters) - The U.S. economy is on track to grow by a 2.2 percent 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 percent pace reported on May 4, the regional Fed said on its website.
The forecast for second-quarter consumer spending growth increased to 3.0 percent from 2.6 percent, while fixed investments were projected to grow 2.2 percent compared with 0.4 percent, the Atlanta Fed said.
(Reporting by Richard Leong; Editing by Andrea Ricci)
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