August 3, 2018 / 3:32 PM / 2 months ago

N.Y. Fed lowers U.S. third-quarter GDP view to 2.58 percent

NEW YORK (Reuters) - The U.S. economy is set to grow at a 2.58 percent annualized pace in the third quarter, based on latest data on trade, payrolls and business activities released this week, the New York Federal Reserve’s Nowcast model showed on Friday.

A week earlier, the N.Y. Fed program estimated gross domestic product would expand 2.83 percent in the third quarter.

Reporting by Richard Leong

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