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That
pace is faster than the regional Fed's prior estimate of 1.9
percent growth on Tuesday, the Atlanta Fed said on its website.
Earlier Friday, the Labor Department said nonfarm payrolls grew
by 242,000 jobs last month, more than the 190,000 gain forecast
among analysts polled by Reuters. The unemployment rate as
expected held at an eight-year low of 4.9 percent.
The latest jobs report boosted the model's estimates on real
consumer spending growth in the first quarter to 3.3 percent
from an earlier 3.1 percent, and its projection on real gross
private domestic investment growth to a 0.8 percent increase
from a 0.4 percent fall.
These estimated increases were mitigated by an expected steeper
drop in net exports at 0.35 percentage point compared with an
earlier 0.26 point fall.
The Commerce Department said the trade deficit increased 2.2
percent to $45.7 billion with exports dropping to a more than
5-1/2 year low. December's trade deficit was revised up to $44.7
billion from the previously reported $43.4 billion.
(Reporting by Richard Leong; Editing by Chizu Nomiyama)
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