June 21, 2019 / 4:04 PM / a month ago

N.Y. Fed's model lowers U.S. third-quarter GDP view to 1.3%

NEW YORK (Reuters) - U.S. economy is expected to grow slower than previously thought in the third quarter based on data that showed weaker-than-forecast data on business activities in New York state and the U.S. Mid-Atlantic region, the New York Federal Reserve’s Nowcast model showed on Friday.

The regional central bank’s model projected U.S. gross domestic product is expanding at a 1.29% rate in the second quarter, slower than the 1.70% pace estimated a week ago.

On the other hand, the model’s second-quarter GDP is likely running a 1.39% rate, compared with a 1.36% rate calculated by the N.Y. Fed model the week before.

Reporting by Richard Leong

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