August 23, 2019 / 3:58 PM / a month ago

New York Fed model trims U.S. third quarter GDP view to 1.76%

NEW YORK (Reuters) - U.S. economy is growing at about a 1.76% rate in the third quarter as domestic new home sales posted their biggest monthly drop in six years in July, the New York Federal Reserve’s Nowcast model showed on Friday.

This was slower than the 1.82% annualized rate calculated by the N.Y. Fed model the week before.

Reporting by Richard Leong

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