May 26, 2017 / 3:46 PM / 7 months ago

N.Y. Fed trims U.S. second-quarter GDP growth view to 2.17 percent

NEW YORK (Reuters) - The New York Federal Reserve said on Friday it reduced its outlook on U.S. economic growth in the second quarter, citing that the drops in durables goods and new home sales in April offset the increase in wholesale inventories last month.

The U.S. gross domestic product was on track to expand at an annualized pace of 2.17 percent, slower than the prior estimate of 2.32 percent released on May 19, the New York Fed’s “Nowcast” program showed.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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