J.P. Morgan pares U.S. second quarter GDP view to 1.0%

NEW YORK (Reuters) – J.P. Morgan on Thursday trimmed its prior estimate on U.S. economic growth in the second quarter to 1.00% even in the wake of a larger-than-forecast increase in domestic durable goods orders and a shrinkage in trade goods deficit in June.

The government will release its first reading on gross domestic product at 8:30 a.m. (1230 GMT) on Friday. Analysts polled by Reuters forecast GDP growth likely decelerated to an annualized rate of 1.8% from 3.1% in the first quarter.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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