N.Y. Fed lowers U.S. first quarter GDP view to 1.29 percent

NEW YORK (Reuters) - The U.S. economy is expanding at a 1.29 percent pace in the first quarter after data that showed domestic wholesale inventories increased 1.2 percent in January, which was their the biggest monthly increase in over six years, the New York Federal Reserve's Nowcast model showed on Friday.

This was slower than the 1.37 percent growth rate calculated by the N.Y. Fed model the week before.

(Reporting by Richard Leong)

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