Reuters

NEW YORK (Reuters) - J.P. Morgan on Wednesday reduced its U.S. economic growth forecast in the fourth quarter to 1.5 percent from 2.0 percent as a result of weaker-than-forecast data on domestic retail sales in November.

 

Michael Feroli, an economist at the bank, said in a research report that real consumer spending now is on track to grow at an annualized 1.6 percent rate in fourth quarter, compared with an earlier pace of 1.9 percent to 2.0 percent.

 

(Reporting by Richard Leong)