Investing.com – The Federal Reserve Bank of Atlanta cut its estimate for growth in the U.S. economy on Wednesday on the back of a weak reading in retail sales.
Specifically, the Atlanta Fed cut its forecast for fourth quarter gross domestic product to 2.4%, from the previous estimate of 2.6% that was released on December 9.
“The forecast of fourth-quarter real personal consumption expenditures growth fell from 2.3 percent to 2.1 percent after this morning's retail sales report from the U.S. Census Bureau,” the Atlanta Fed said in the release.
Retail sales grew just 0.1% in November, according to the report released on Wednesday.