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)

You May Also Be Interested In

• Trump says he is "happy" Harry and Meghan left US
• Trump says renewed US campaign against Iran won't last long
• Starbucks dress code didn't violate NYC workers' labor rights, US court rules