Barclays pares U.S. first quarter GDP view to 1.9 percent
NEW YORK (Reuters) - Barclays economists on Tuesday reduced their outlook on U.S. economic growth in the first quarter following a disappointing report on domestic retail sales in February which included sharp downward revisions on January's figures. They downgraded their outlook on U.S. gross domestic product in the first quarter to an increase of 1.9 percent from their earlier estimate of a 2.4 percent gain. The Commerce Department said retail sales dipped 0.1 percent last month as vehicle purchases fell and cheaper gasoline undercut receipts at service stations. January's retail sales were revised down to show a 0.4 percent decline instead of the previously reported 0.2 percent increase. Economists at other Wall Street firms also slashed their first-quarter GDP forecasts. Credit Suisse economists pared their view to 2.0 percent from an earlier 2.4 percent, while those at TD Securities cut their forecast to 1.9 percent from 2.3 percent. (Reporting by Richard Leong)
