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NEW YORK (Reuters) - The New York Federal Reserve said on Friday it downgraded its estimate on U.S. gross domestic product for the second quarter but upgraded its outlook on third-quarter GDP based on the latest data on retail sales and factory output.
The regional central bank's "Nowcast" model calculated the economy was expanding at an annualized pace of 1.90 percent in the second quarter, slower than the 1.96 percent a week earlier. The "Nowcast" program showed third-quarter GDP growing at 1.84 percent, faster than the 1.78 percent calculated a week ago.
Reporting by Richard Leong; Editing by Chizu Nomiyama