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N.Y. Fed lowers U.S. third and fourth quarter GDP outlook
October 21, 2016 / 3:35 PM / a year ago

N.Y. Fed lowers U.S. third and fourth quarter GDP outlook

Federal Reserve and New York City Police officers stand guard in front of the New York Federal Reserve Building in New York, October 17, 2012. REUTERS/Keith Bedford/File Photo

NEW YORK (Reuters) - The New York Federal Reserve on Friday downgraded its forecasts on U.S. economic growth in the second half of 2016 following data on regional business activities in October and a steep drop in housing starts last month.

The regional central bank said its “Nowcast” model projected gross domestic product in the third quarter growing at 2.22 percent versus 2.30 percent a week ago. It downgraded its fourth-quarter GDP outlook to 1.40 percent from 1.56 percent a week ago.

Reporting by Richard Leong

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