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Atlanta Fed cuts Q2 GDP growth to 1.8 percent

Staff Writer |
The U.S. economy likely expanded at a 1.8 percent annualized rate in the second quarter following a report on June's advance goods trade balance, the Atlanta Federal Reserve's GDP Now forecast showed.

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The latest gross domestic product estimate was slower than the 2.3 percent figure calculated, the regional Fed said on its website.

The advance goods trade balance is an early reading of the trade balance of goods plus inventories. It excludes services.

The Atlanta Fed's outlook on second-quarter GDP had held above 2 percent since its initial reading of 1.8 percent on April 28. It peaked at 2.9 percent and had been in a tight 2.3 to 2.4 percent range.

The government said its advance figure showed imported goods exceeded goods exported by $63.3 billion last month, compared with a goods trade deficit of $60.59 billion in May.


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