Atlanta Fed raises U.S. first quarter GDP view to 1.2 percent

NEW YORK (Reuters) - The U.S. economy is growing at a 1.2 percent annualized rate in the first quarter, based on latest data on domestic wholesale inventory and existing home sales this week, the Atlanta Federal Reserve's GDPNow forecast model showed on Friday.

This was faster than the 0.4 percent pace for the first-quarter gross domestic product that the Atlanta Fed's GDP program calculated on March 13.

(Reporting by Richard Leong)

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