U.S. economy seen growing 1.7 percent in second quarter: Atlanta Fed

NEW YORK (Reuters) - U.S. economy is on track to grow by a 1.7 percent annualized rate in the second quarter, down from its estimate of 1.8 percent on Monday, Atlanta Federal Reserve's GDPNow forecast model showed on Wednesday.

The drag from a decline in non-residential equipment investment grew to -1.4 percent from an earlier -0.6 percent, while the change in private inventory investment fell in the wake of Wednesday's report on factory orders in March, the Atlanta Fed said on its website.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

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