Barclays cuts U.S. GDP view to 2.2 pct in second quarter

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June 1, 2016 11:57 AM EDT

The logo of Barclays is seen on the top of one of its branch in Madrid, Spain in this March 22, 2016 file photo. REUTERS/Sergio Perez/Files

NEW YORK (Reuters) - Barclays economists said on Wednesday they reduced their outlook on U.S. economic growth in the second quarter to 2.2 percent from their earlier view of 2.6 percent following a surprise 1.8 percent drop in construction spending in April.

The April drop in construction spending was the biggest in more than five years.

Meanwhile, they anticipated gross domestic product in the first quarter would get a 0.1 percentage point boost to 0.9 percent from upward revisions on construction spending in February and March.

(Reporting by Richard Leong)


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