January 12, 2018 / 4:30 PM / 2 months ago

N.Y. Fed trims U.S. GDP view after retail sales data

NEW YORK (Reuters) - The New York Federal Reserve on Friday reduced its estimates on U.S. gross domestic product growth for the fourth quarter of 2017 and first quarter of 2018 after December data on domestic retail sales.

FILE PHOTO: The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. REUTERS/Eduardo Munoz

The regional central bank’s “Nowcast” model calculated the U.S. economy was expanding at an annualized pace of 3.88 percent in the fourth quarter, slower than the 3.97 percent rate calculated a week ago.

The New York Fed said its latest tracking estimate on GDP growth for the first three months of 2018 showed a 3.21 percent growth rate, weaker than the 3.45 percent from a week earlier.

Reporting by Richard Leong; Editing by Susan Thomas

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