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New York Fed lowers U.S. second-quarter GDP view, raises third-quarter GDP outlook
July 14, 2017 / 3:38 PM / 4 months ago

New York Fed lowers U.S. second-quarter GDP view, raises third-quarter GDP outlook

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.

Cranes and other construction equipment are seen at CONEXPO-CON/AGG convention at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. March 9, 2017. REUTERS/David Becker

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

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