NEW YORK, March 31 J.P. Morgan on Friday
downgraded its growth estimate on the U.S. economy in the first
quarter on weaker-than-expected consumer spending data in
February, but raised its outlook on economic growth in the
second quarter due to an expected rebound in consumer spending.
The bank's economist Michael Feroli said in a research note
he lowered his view on U.S. gross domestic product in the first
quarter to 1.0 percent from 1.5 percent and raised his GDP
estimate for the second quarter to 3.0 percent from 2.0 percent.
(Reporting by Richard Leong; Editing by Chizu Nomiyama)