June 2, 2017 / 3:58 PM / 5 months ago

Atlanta Fed slashes U.S. second-quarter GDP growth view to 3.4 percent

A woman shops with her daughter at a Walmart Supercenter in Rogers, Arkansas June 6, 2013. The annual shareholders meeting for Walmart takes place on June 7. REUTERS/Rick Wilking

NEW YORK (Reuters) - The U.S. economy is expected to expand at a 3.4 percent annualized pace in the second quarter based on a weaker-than-expected report on domestic payrolls in May, the Atlanta Federal Reserve’s GDP Now forecast model showed on Friday.

The latest second-quarter gross domestic product estimate was slower than the previous reading of 4.0 percent calculated on Thursday, the Atlanta Fed said.

Reporting by Richard Leong

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