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N.Y. Fed lowers U.S. third quarter GDP growth view below 2 percent
August 25, 2017 / 3:34 PM / 3 months ago

N.Y. Fed lowers U.S. third quarter GDP growth view below 2 percent

NEW YORK (Reuters) - The New York Federal Reserve on Friday reduced its estimate of U.S. gross domestic product growth for the third quarter below 2 percent based on this week’s data on new home sales and durable goods orders in July.

The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 1.93 percent in the third quarter, slower than the 2.09 percent rate a week ago.

Reporting by Richard Leong

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