NEW YORK (Reuters) - The U.S. economy is on track to expand at a 2.5 percent annualized rate in the first quarter as weaker-than-income wage growth in February lowered expected consumer spending and investment, the Atlanta Federal Reserve's GDPNow forecast model showed on Friday.
The latest estimate on gross domestic product was slower than the 2.8 percent growth pace calculated on March 7, the Atlanta Fed said.