September 15, 2017 / 3:43 PM / 9 days ago

N.Y. Fed cuts U.S. third quarter, fourth quarter GDP growth view below 2 percent

A Federal Reserve Police officer stands guard in front of the New York Federal Reserve Building in New York, October 17, 2012. REUTERS/Keith Bedford

NEW YORK (Reuters) - The New York Federal Reserve on Friday reduced its estimate of U.S. gross domestic product growth for the third quarter and fourth quarter to below 2 percent, based on unexpected falls in industrial output and retail sales in August.

The regional central bank’s “Nowcast” model calculated the economy was expanding at an annualized pace of 1.34 percent in the third quarter, slower than 2.06 percent last week. Its GDP estimate for the fourth quarter was lowered to 1.82 percent from 2.62 percent a week earlier.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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