June 7, 2019 / 3:40 PM / a month ago

N.Y. Fed pares U.S. second-quarter GDP growth view to 1%

NEW YORK (Reuters) - The U.S. economy is expanding at a mere 1% annualized pace in the second quarter based on this week’s disappointing data on domestic jobs growth and business activities, the New York Federal Reserve’s Nowcast model showed on Friday.

This was weaker than the 1.48% growth rate calculated by the N.Y. Fed model the week before.

Reporting by Richard Leong

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